February 20, 2017
The outcome of an $8.18 million claim by the Australian Taxation Office (ATO) against Moreton Resources Limited is still in limbo.
The company, which wants to build a coal mine on the outskirts of Kingaroy, was hit with the claim in July last year.
The ATO is seeking repayment of $1,003,455.22 for a 2012 research and development tax offset, and $7,182,269.41 for a 2013 R&D offset, both linked to the failed Cougar Energy underground coal gasification project at Coolabunia.
The ATO had demanded payment before August 26 last year.
However, Moreton disputed the company owed the money and put the matter into the hands of the Administrative Appeals Tribunal (AAT).
In a statement to the ASX on Tuesday, Moreton said the AAT had set the matter down for a hearing in Melbourne, commencing on Monday, February 13.
The AAT’s tribunal had sat for three days to hear evidence from the Applicant (Moreton Resources) and the Respondent (AusIndustry).
“The matter now awaits a decision from the presiding Deputy President Tribunal Member and there is no fixed time for this decision to be handed down,” the Moreton statement said.
“While the proceeding is confidential in nature, the board reaffirms its position that the projects and claims outlined within the Research and Development Incentive Scheme for 2012, 2013 and 2014 do in fact meet the standards and qualifications processes.”
Moreton said it felt its R&D claims were legitimate, and the ATO’s claim should be rejected.
“The company acknowledges that there are complex and legal aspects that the Tribunal must consider and therefore any outcome is certainly still unknown, until such time as the Deputy President presiding in the matter can review the significant amount of materials presented and hand down the relevant decision,” the statement said.
“The board will keep the market up to date, should there be any advancement or pending decision.”