Australian wave energy developer, Carnegie Wave Energy Limited, received a Research and Development Tax Incentive cash rebate from the Australian Tax Office of $3.9 million.
The R&D Tax Incentive is a market driven program accessible to all industry sectors. It provides a targeted tax offset to encourage more companies to engage in research and development.
Carnegie was eligible to apply for this incentive for the year ended 30 June 2014, where they cashed in $3.9 million.
For the next year, the company forecasts a cash rebate of between $8 and $10 million.