- Argent Minerals (ARD) has settled a tax dispute regarding its historical research and development claims during the 2015 to 2016 and 2016 to 2017 financial years
- The company has now settled the dispute with AusIndustry, which was acting as a delegate of Innovation and Science Australia
- As a result of the settlement, around $350,000 worth of previously disputed claims have now been deemed as eligible
- However, Argent remains in negotiations with the Australian Tax Office to develop a repayment scheme for any amounts the company still owes
- Argent Minerals shares are down 11.8 per cent today, trading for 1.5 cents per share
Argent Minerals (ARD) has settled a tax dispute regarding its historical research and development claims during the 2015 to 2016 and 2016 to 2017 financial years.
The company has now settled the dispute with AusIndustry, which was acting as a delegate of Innovation and Science Australia.
As a result of the settlement, much of the company’s research and development activities have been classified as eligible, amounting to around $350,000 worth of previously dispute claims.
The company stressed that all matters with the Administrative Appeal Tribunal have now been settled and no further actions are pending.
However, Argent remains in negotiations with the Australian Tax Office to develop a repayment scheme for any amounts the company still owes.
The company hopes to organise repayments that will allow it to also preserve cash and continue its exploration activities at the
Managing director and CEO of Argent, George Karageorge, is pleased with the result.
“Argent is extremely satisfied that the dispute has settled prior to proceedings commencing in the Administrative Appeals Tribunal,” George explained.
“The settlement for the disputed R&D Tax claims allows a substantial credit for outstanding funds owed to the ATO. The Company is in the final stages of negotiating a payment plan with the ATO allowing Argent to make payments over a multi-year period and allowing its cash to be spent on drilling campaigns,” he said.
Argent is currently progressing its Kempfield Polymetallic Project. The New South Wales Government previously registered the project as a significant development and recently awarded Argent $255,000 in drilling grants.
Argent Minerals shares are down 11.8 per cent today, trading for 1.5 cents per share at 2:27 pm AEST.