- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Flynn Gold
Black Swan Graphene
Silver Crown Royalties
True North Copper
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Australian Vanadium Gets AU$2.63 Million Government Refund for R&D Work
After merging with Technology Metals Australia, the company is working to advance its Australian Vanadium project in Western Australia.
![Vanadium periodic symbol.](https://investingnews.com/media-library/vanadium-periodic-symbol.png?id=53377561&width=1200&height=800&quality=80&coordinates=0%2C0%2C0%2C0)
Australian Vanadium (ASX:AVL,OTC Pink:ATVVF) announced on Tuesday (August 13) that it has received AU$2.63 million by way of the Australian government’s Research & Development (R&D) Tax Incentive Scheme.
The refund amount was granted for R&D completed in the 2022/2023 tax year by Australian Vanadium and Technology Metals Australia, with AU$1.79 million and AU$0.84 million coming from their respective submissions.
The two companies announced plans to merge in 2023, and completed the transaction earlier this year.
Australian Vanadium is currently advancing its Western Australia-based Australian Vanadium project, which it says is one of the most advanced vanadium projects globally. It also has a wholly owned subsidiary called VSUN, whose efforts are centred on developing the Australian market for vanadium flow batteries for long-duration energy storage.
In its latest quarterly activities report, released on July 31, Australian Vanadium said the first phase of an optimised feasibility study for the Australian Vanadium project has been completed. With the second stage now in progress, the company's goals include finalising a detailed mine plan and optimising project infrastructure.
Australian Vanadium is also looking to complete layout and design criteria for an upstream crushing, milling and beneficiation plant at Gabanintha and a downstream processing plant at Tenindewa.
Earlier this month, on August 6, the City of Greater Geraldton's council lent its support to a local planning scheme amendment that proposes to rezone the site of Australian Vanadium's Tenindewa facility.
“Obtaining support from the Council advances our efforts to finalise approvals of our project and serves as a strong endorsement of the Company’s plan to become a fully integrated vanadium flow battery provider, from vanadium products and electrolyte manufacturing to the batteries themselves, all within Western Australia,” the company said.
The Australian government's R&D Tax Incentive Scheme is described as a self-assessment that “encourages companies to engage in R&D benefiting Australia by providing a tax offset for eligible activities.”
Included in the scheme’s requirements are AU$20,000 in notional deductions this income year.
“If your eligible R&D expenditure is less than AU$20,000, you can still apply for the offset. However, you must use a registered Research Service Provider to conduct your R&D,” an online explainer reads.
“For R&D entities with aggregated turnover of less than AU$20 million, the refundable R&D tax offset is your corporate tax rate plus an 18.5 percent premium."
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.Â