Environmental Clean Technologies Limited (ASX: ESI) (ECT or Company) is pleased to advise receipt of the expected cash rebate for its Research and Development expenditures through the Australian Taxation Office.
Funds totalling $1.293 million were received as per the 30% rebate on eligible expenditure for the 2011-12 tax year. This is substantially greater than rebates in prior years, driven by two factors:
- ECT’s substantial increase in activities in the area of technology development, primarily due to our Design for Tender (DFT) work plans, aimed at developing a detailed design for the Coldry technology at commercial scale; and
- Changes in the Federal Government’s rules associated with R&D expense, which removed the cap on eligible expenditure.
This rebate is consistent with our considered view on the R&D eligibility of the detailed design works.
ECT’s DFT work program continues, and dovetails with our submission for the combined State & Federal Government funding support initiative, the Advanced Lignite Demonstration Program (ALDP).
R&D work undertaken during the current 2012/13 year, including completion of Phases 2 and 3 of the DFT, is expected to be of similar value to the work undertaken last financial year.
For Further Information Contact:
Mike Davies – Managing Director +61 3 9909 7684 or [email protected]