logo
powered-by-canningspurple
Navigation
logo powered-by-canningspurple
  • Insight
  • Companies
    • Aeris Resources
    • Altrad
    • Argonaut
    • Artemis Resources
    • BLK Auto
    • BMG Resources
    • Buru Energy
    • Catalyst Metals
    • ChemX Materials
    • Core Lithium
    • DDH1 Drilling
    • Dreadnought
    • FBR
    • Finbar
    • Focus Minerals
    • Gold Road Resources
    • Hastings Technology Metals
    • Hyzon Motors
    • Jupiter Mines
    • Lykos Metals
    • Mineral Resources
    • Northern Minerals
    • Northern Star
    • NRW Holdings
    • Paydirt
    • Rand Mining
    • Raven SR
    • Rox Resources
    • St George Mining
    • Sundance Resources
    • Torrens Mining
    • Tribune Mining
    • Vimy Resources
    • VRX Silica
    • Westgold Resources
    • Zenith Minerals
  • Industries
    • Broking Firm
    • Clean energy
    • Copper
    • Gold
    • Insight
    • Iron ore
    • Lithium
    • Manganese
    • Mining Services
    • Nickel
    • Oil & Gas
    • Property
    • Rare Earths
    • Silica Sand
    • Technology
    • Uranium
    • Zinc
  • Video
  • About
  • Contact
  • Subscribe

Home / Rare Earths / Northern Minerals settles R&D tax dispute

Northern Minerals

  • ASX: NTU
    • REE

Northern Minerals settles R&D tax dispute

  • 24 August

Australian heavy rare earths producer Northern Minerals Limited (ASX: NTU) announced that that it has entered into a settlement agreement with the Australian Taxation Office (ATO) that settles all matters relating to the company’s refundable Research and Development (R&D) tax offset claims for the financial years ended 30 June 2017 and 2018, concluding the ATO’s review of those claims.


The settlement agreement also documents an agreed refundable R&D tax offset for the financial year ended 30 June 2019 and a framework for reviewing the company’s refundable R&D tax offset claim for the financial year ended 30 June 2020.

As part of the settlement process, the company has adopted recommendations from the ATO for improving its internal policies and procedures with the aim of streamlining future R&D claims.

The settlement agreement reduces the original refundable R&D tax offsets claimed for the financial years ended 30 June 2017 and 2018 by $21,309,237. Noting that only half the original refundable R&D tax offset for the financial year ended 30 June 2018 was previously refunded by the ATO, the net cashflow effect of the settlement agreement for the financial years ended 30 June 2017, 2018 and 2019 is a net refund of $9,921,638 payable to the company on or about 18 September 2020.

In light of the settlement agreement, the company no longer has any amounts owing to the ATO in respect of the financial years ended 30 June 2017 and 2018.

Except as set out above, the terms of the settlement agreement are confidential.

CEO Mark Tory said, “Whilst a lengthy period of time has passed from the date of lodgement of the 2017 and 2018 returns, the Company is pleased that this matter has come to a close and we would like to thank all involved including the ATO and AusIndustry in reaching an amicable settlement of this dispute”.

View full announcement

Investor Insight

  • Contact

Share

  • LinkedIn
  • Twitter
  • Facebook

Most Read

  • 1 November

Nickel, cobalt anomalies at Sockovac; large new gold, copper anomalies at Sinjakovo

  • ASX:LYK
    • Ni
    • Cu
  • 28 September

Core Lithium – Primero Group Awarded EPC Contract for Finniss DMS Plant

  • ASX: CXO
    • Li
    • Clean energy
  • Insight
  • 26 June

Picking winners – the portfolio approach that offers blue-sky potential

  • ASX: AIS
    • Clean energy
    • Cu

Related

  • Insight
  • 7 May

Uranium, manganese dealt into gold and battery metals Diggers forum

  • ASX: HAS
    • Broking Firm
    • Clean energy
  • Insight
  • 30 April

March Qtr delivers truckloads of Au, Li, Fe and Mn – and a promise of more value

  • ASX: ARV
    • II
    • Broking Firm
  • 29 April

Northern Minerals reports on March Quarter

  • ASX: NTU
    • REE
  • 29 April

Hastings Technology Metals reports on March Quarter

  • ASX: HAS
    • REE

NEWSLETTER

Get news, as it happens

Sign up to receive our weekly roundup, and releases of interest, as they happen.

  • This field is for validation purposes and should be left unchanged.
logo

Investor Insight, powered by Cannings Purple, delivers the stories that matter to the people who matter – across your preferred communications platform.

From breaking news to analysis, opportunities and thought leadership, Investor Insight is your window into some of Australia’s most exciting listed and non-listed companies.

  • Insight
  • Companies
    • Aeris Resources
    • Altrad
    • Argonaut
    • Artemis Resources
    • BLK Auto
    • BMG Resources
    • Buru Energy
    • Catalyst Metals
    • ChemX Materials
    • Core Lithium
    • DDH1 Drilling
    • Dreadnought
    • FBR
    • Finbar
    • Focus Minerals
    • Gold Road Resources
    • Hastings Technology Metals
    • Hyzon Motors
    • Jupiter Mines
    • Lykos Metals
    • Mineral Resources
    • Northern Minerals
    • Northern Star
    • NRW Holdings
    • Paydirt
    • Rand Mining
    • Raven SR
    • Rox Resources
    • St George Mining
    • Sundance Resources
    • Torrens Mining
    • Tribune Mining
    • Vimy Resources
    • VRX Silica
    • Westgold Resources
    • Zenith Minerals
  • Industries
    • Broking Firm
    • Clean energy
    • Copper
    • Gold
    • Insight
    • Iron ore
    • Lithium
    • Manganese
    • Mining Services
    • Nickel
    • Oil & Gas
    • Property
    • Rare Earths
    • Silica Sand
    • Technology
    • Uranium
    • Zinc
  • Video
powered-by-canningspurple
  • About
  • Contact
  • Subscribe
  • Cannings Purple
  • Privacy Policy
  • Disclaimer

Copyright 2022 Cannings Purple