Australian heavy rare earths producer Northern Minerals (ASX: NTU) has now received the balance of the refund statement of $1.3 million from the Australian Tax Office (ATO) following the company’s announcement on 14 September 2020.
This will complete the payment by the ATO of the net cashflow effect of the settlement agreement between the Company and the ATO, announced on 24 August 2020, relating to refundable Research and Development (R&D) tax offset claims for the financial years ended 30 June 2017, 2018 and 2019.