❓ Hon Peter Collier questions the Minister for Regional Development regarding the evidence linking federal R&D tax concession changes to Carnegie Clean Energy's financial difficulties and the termination of their agreement for the Albany Wave Energy Project.
AnsweredQoN 127Legislative Council
QuestionView source ↗
ALBANY WAVE ENERGY PROJECT
— CARNEGIE CLEAN ENERGY — R&D TAX CONCESSIONS
127. Hon PETER COLLIER to the Minister for Regional Development:
I
refer the minister to the Labor government's termination of its
financial assistance agreement with Carnegie Clean Energy and that
concerns with the company's finances were, according to both her media
and ministerial statements —
� driven by uncertainty surrounding
the future of federal R&D tax concessions �
What evidence does the minister have
that the previously proposed changes to the federal R&D tax concessions led
to Carnegie's financial problems?
— CARNEGIE CLEAN ENERGY — R&D TAX CONCESSIONS
127. Hon PETER COLLIER to the Minister for Regional Development:
I
refer the minister to the Labor government's termination of its
financial assistance agreement with Carnegie Clean Energy and that
concerns with the company's finances were, according to both her media
and ministerial statements —
� driven by uncertainty surrounding
the future of federal R&D tax concessions �
What evidence does the minister have
that the previously proposed changes to the federal R&D tax concessions led
to Carnegie's financial problems?
AnswerView source ↗
I thank the member for some notice
of the question.
It was quite clear that the company
had structured its finances before there was a proposed cap of $4 million a year
in R&D tax concession claims. It had structured its financial program and
ability to contribute the $25 million or so that it was required to contribute
under the project with a much higher rate of recovery of R&D tax
concessions. But as I have said, it was one of the factors that led to the
destabilisation. Obviously, as I said today, there were other elements, such as
losses that it had on other parts of its operation, plus the write-down in its
intellectual property value. I have no doubt that it was that major change that
really made it very difficult for the company to regroup after it had also
sustained some other losses.
of the question.
It was quite clear that the company
had structured its finances before there was a proposed cap of $4 million a year
in R&D tax concession claims. It had structured its financial program and
ability to contribute the $25 million or so that it was required to contribute
under the project with a much higher rate of recovery of R&D tax
concessions. But as I have said, it was one of the factors that led to the
destabilisation. Obviously, as I said today, there were other elements, such as
losses that it had on other parts of its operation, plus the write-down in its
intellectual property value. I have no doubt that it was that major change that
really made it very difficult for the company to regroup after it had also
sustained some other losses.
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