Ann: FY22 Q1 Results - Investor Presentation, page-256

@alpha100 while non-current, it is not useless at all. but of course ,the term depends on your perspective. Have a look into the FY2021 AR Note 4.
I see this 38.5% tax rebate as beneficial for two reasons.
a) assuming LVT will be EBIT profitable in the not so distant future, their accumulated tax rebate cushion will mean that there wont be a tax payable on that operating profit (EBIT) for some time and hence they will achieve net profit as soon as they are EBIT positive. Nice!
b) if you are setting yourself up as an M&A takeover target (at that MC I would not be surprised if some bigger players are somewhat interested and with M&A still booming globally), then anything that reduces a tax liability is a welcome, is it not? In other words if a profitable big fish acquires LVT for say $200m, then the $2-3m cash cushion sitting in LVT's BS would mean that the acquiring firm has just reduced its income tax liability by that amount. Nice, too! Hence, if LVT can claim the 38.5% of say $5m R&D spent, then that would translate into another $2m in tax NOT payable and make the company more worth by that amount. Would that not be fair representation? As you say, we will find out soon enough, but I would not be surprise if that accumulated tax cushion will be around $4m or perhaps even more in FY2022 (it was $2.4m in FY2021).