A significant (but temporary) change to operation of the R&D Tax Incentive for expenditure on tangible depreciating assets used in R&D activity came into effect during FY21. Historically, and prior to FY21: The capital cost of a tangible depreciating asset is not eligible as R&D expenditure; A company is able to claim the decline in value on an R&D asset (as calculated under the depreciating asset provisions in Division 40) for the period that an asset is used in […]
The Government announced the resignation of Christian Porter from the Industry portfolio in September 2021 after approximately 6 months in the role. Energy Minister Angus Taylor was then appointed acting Industry Minister following the departure of Christian Porter. The Government has now announced that the industry portfolio will be shared, with Defence Industry Minister Melissa Price taking on the extra responsibility of science and technology and Angus Taylor permanently taking on the industry aspect of the portfolio. Liberal MP Tim Wilson […]
ASX listed, Sydney based company Immunetep Ltd recently announced that it has received a €2,126,617 (around A$3,400,000) payment in cash from the French Government under its Crédit d’Impôt Recherche scheme (CIR). A similar magnitude payment was received in the previous year. The payment relates to activity the company is conducting in Paris to develop its novel Immunotherapy treatments. Immunetep Ltd also registers activities under the Australian R&D Tax Incentive and has previously reported the following receipts: YE 30 June 2018 […]
Over the weekend, the Government announced the resignation of Christian Porter from the industry portfolio after approximately six months in the role. Energy Minister Angus Taylor will serve as acting Industry Minister for the time being. The industry portfolio has responsibility for the R&D Tax Incentive, and the programme is one of the largest budgetary expense items within the portfolio. Given the importance of the portfolio to Australia’s economy, we call on the Government to appoint a dedicated Industry Minister […]