Receives 2017 R&D Tax Incentive
Sydney, May 23, 2018 AEST (ABN Newswire) - Collaborate Corporation Limited (
ASX:CL8) (Collaborate or the Company) is pleased to announce it has received an Australian Government R&D Tax Incentive refund of $267,023 for the year ended 30 June 2017. The amount of the refund is 46% higher than the amount received for the 2016 financial year and is reflective of the additional emphasis being placed on technology development and scaling the digital growth potential of the business.
The Company received the R&D Tax Incentive after spending in excess of $600,000 on R&D activities in relation to its peer-to-peer platforms in the 2017 financial year.
The funds from the R&D Tax Incentive will principally be used to continue to grow and develop Collaborate's peer-to-peer marketplaces and supplement the Company's working capital.
About Collaborate Corporation Ltd
Collaborate Corporation Limited is listed on the Australian Securities Exchange (ASX:CL8). It is Australia's leading listed company focused on 'collaborative consumption', 'peer-to-peer' or 'sharing economy' businesses. Collaborate currently has three core business segments: www.DriveMyCar.com.au Australia's leading peer-to-peer car rental business; www.MyCaravan.com.au Australia's leading peer-to-peer caravan rental business; and www.Mobilise.com an online hire marketplace to unlock the enormous potential of under-utilised assets. Through our proprietary trust and reputation platform, www.peerpass.com.au we create 'trust' between individuals and make it possible for people to safely transact with each other in the sharing economy.
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