Ann: Transerv Funded to Progress Opportunities in 2017, page-7

The R&DTI merely increases the rebate on expenses, from the company tax rate (30%) to the R&DTI rate (40%), so in essence it is a rebate increase of 10%.   To receive $9.3m implies qualifying expenditure of $93m on either "core" or "supporting" R&D activities.  At the risk of being a killjoy, the "For Whom" test - which is subject to audit, after confirmation of claim - is defined within the Tax Laws Amendment (Research and Development) Act 2011, and requires the claimant to "bear the financial burden of carrying our R&D activities", "effectively own the know-how, intellectual property of similar results arising from the expenditure on R&D activities", and "has appropriate control over the the way R&D activities are conducted".  When I look at Warro I don't see this, so I am just wondering if this is the approval for the R&D Claim, or whether they have actually received the cash for the claim (the tax adjustment into their bank account).   Can anyone confirm?