January 16th, 2023
A number of Australian companies have reported substantial Refundable R&D Tax Offset receipts in recent months, including:
- Starpharma received a refund of $7.1M for FY22 R&D activity to progress three clinical-stage assets;
- ClearVue Technologies received a refund of $0.81M for FY22 R&D activity to progress its clean energy technologies;
- Estrella resources a refund of $1.01M for FY22 R&D activity related to its Carr Boyd Nickel project;
- Emyria received a refund of $2.1M for FY22 R&D Activity to support the registration of its treatment its CBD Capsule product, EMD-RX5;
- Pharmaxis received a refund of $4.9M for FY22 R&D activity to progress the company’s clinical development pipeline for multiple treatments;
- Aruma Resources received a refund of $0.83M for FY22 R&D activity in respect of the company’s mineralisation model incorporating volcanic ash sequences project;
Receipt of refundable R&D tax offsets reduces the need for a companies to raise additional capital to complete development of their technology, and makes pathway to commercialisation exponentially easier.
In an environment of rising interest rates and lower share prices for emerging entities, it becomes more difficult for start up companies to raise capital. The R&D Tax Incentive becomes an even more important source of funding for such companies in these times.
Please get in touch with our office if you would like to speak to someone about a potential R&D claim, or check out our website for more information.