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:
The above determination is generally consistent with existing understandings of the eligibility of clinical trials. The publication is however welcome in providing greater clarity and certainty for companies who may wish to register such activity under the R&D Tax Incentive.
For further information and advice regarding your R&D Tax Incentive claim, visit the AusIndustry website or contact us here.