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R&D Tax Credit

Draft AusIndustry Determination on Clinical Trials (Phase 0-III) for an Unapproved Therapeutic Good

January 20th, 2022

AusIndustry has recently released a draft Industry Research and Development (clinical trials, Phase 0, I, II, III for an unapproved therapeutic good) Determination 2021 for consultation and feedback. This is the first R&D Tax Incentive determination published, and AusIndustry noted that they have consulted with the Australian Taxation Office and Department of Health as part of the coalition of this document. The draft document notes that: In respect of classifying the phase of a trial: Phase 0 clinical trial means […]

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ATO Release Finalised Tax Ruling TR 2021/9 (Adjustments to R&D Claims for Job Keeper)

January 17th, 2022

In July 2020, The ATO released TD 2020/D1: Income tax: notional deductions for research and development activities subsidised by JobKeeper payments. The ruling outlined the need for companies that are subject to both the R&D Tax Incentive and JobKeeper to adjust R&D claims on the basis that: The “at-risk” rule applies to R&D salaries reimbursed by Jobkeeper, and a company cannot notionally deduct the portion of wage expenditure incurred on R&D activities that has been subject to the JobKeeper payment; […]

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Imugene Ltd receives $6.5M R&D Tax Offset Refund

January 13th, 2022

Melbourne-based Imugene Ltd announced in January 2022 the receipt of the company’s FY21 R&D Tax Offset refund of $6,541,921. The company has noted that the funds will support its commercial and clinical milestones, several of which have progressed in recent months, including: Granting of additional patents for the company’s HER-Vaxx Immunotherapy in China and South Korea; Completion of Phase 1a trial of immunotherapy PD1-Vaxx; US Food and Drug Administration (FDA) consent for clinical trials for its oncology treatments. In recent […]

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ATO Release Finalised Tax Tuling TR 2021/5 (At Risk Rule)

January 10th, 2022

Under SECT 355.405 ITAA97, an entity cannot claim R&D expenditure in situations where: (a) when an entity incurs R&D expenditure, consideration has been received, or was reasonably expected to be received: o as a direct or indirect result of the expenditure being incurred; and o regardless of the results of the activities on which the expenditure is incurred; and (b) that consideration is equal to or greater than the expenditure. The spirit of this provision is to ensure companies only […]

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