Being Open and Transparent, page-5

I’m not really fussed to be honest. The ATO will provide something between 4m and 7.3m once they review the matter. Until a few weeks back that was all we could have hoped for.
CLAWS has since been announced and we will receive something like US$5m+ from the US government courtesy of the CHIPS act. That number will get bigger and span the next 4 years. Happy days.
BluGlass have also taken out a loan facility against the Australian R&D rebate so cash flow isn’t an issue now or into the immediate future.
It’s not surprising that there is a delay. Some of the money we spent was overseas and the ATO need to make certain judgements as to those expenditure’s. If they can determine that those funds could have been spent on home soil then the rebate is on shaky ground. If in fact we can successfully assert that the R&D needed to be spent overseas then we are in the clear. I know my explanation may sound overly simplistic so please excuse my layman’s version.
Rather than antagonise over this, I’m trying to keep my focus on what new business might drop next week. I want a nice juicy order from a Goliath in the manufacturing world to step up and provide a chunky repeat order cycle for a new product launch.