Andromeda Metals Limited (ASX: ADN) Receives R&D Tax Refund
R&D Tax Incentive Refund
Andromeda Metals Limited (ASX: ADN) announced the receipt of a $2.34 million refund under the Research and Development (R&D) Tax Incentive program. This follows their tax return submission for the 2024 financial year, which reported $5.4 million in eligible R&D expenditure.
The R&D tax refund is linked to the company’s Advance Finding Certificate awarded by AusIndustry, confirming their eligibility for refundable tax offsets. This certificate applies to spending on activities related to the Great White Project under Stage 1A+. The refundable tax offset stands at 43.5% of eligible costs incurred, valued at approximately $26 million over a three-year period.
Executive Comments
Sarah Clarke, Acting CEO of Andromeda, expressed gratitude for the support from the Australian Government’s innovation efforts. “Receiving close to half of the eligible expenditure spent is a great outcome for Andromeda and its shareholders, and supports the Company’s funding process, which is currently underway,” she stated.
The Advance Finding will be binding on the Australian Taxation Office for the 2024 financial year and the subsequent two years.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.