Australia’s only ASX listed plant breeding company, Abundant Produce Limited, has received a $630,000 Research & Development Tax Incentive. This incentive is an increase from previous estimates of $250,000.
In addition to the received grant, the NSW Government’s TechVouchers program will also fund a $20,000 project in collaboration with the University of NSW for the Taste of Research Programme and R&D for ABT’s Lycopene ActiveLyco Products.
The ABT will also release a third source of funds of $50,000 thanks to an Export Markets Development Grant (EMDG) return. A further $110,000 will be coming the company’s way via an Innovations Connections grants from the Australian Government which will fund a new graduate and R&D for future products.
ABT’s Group CEO signifies the importance of increasing shareholder value through applications for government funding. There are a large amount of grant facilities on a federal and state level available to reduce the impact of costs associated with development and overseas exportation of new innovative products.
The R&D Tax Incentive provides a tax benefit to help companies like ABT offset the cost of conducting eligible research and development activities. In order to make a claim a minimum spend of $20,000 on eligible R&D activities is required and your activities must generate new knowledge. Swanson Reed R&D Tax Consultants help companies to claim this incentive and ensure that they receive the maximum amount they are eligible for. Our online eligibility wizard will help you to determine whether you can make a claim.