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Significant Refundable R&D Offsets Receipts Reported to ASX, ATO Reviews Still Occurring

Over recent months, a number of companies have reported to the ASX receipt of substantial Refundable R&D Offsets.

Notable receipts include:

• Zelira Therapeutics’ receipt of $1.4 M in December for cannabis medicines;
• Imugene’s receipt of $4.82M in December for Immuno-oncology research activities;
• Agrimin’s receipt of $1.6M in December for development of a potash project;
• Anteotech’s receipt of $1.2M in November for Surface chemistry activities;
• Bluechiip’s receipt of $1.5M in November for wireless tracking solutions;
• Intelicare Holdings’ receipt of $0.41M in November for software solutions for the aged care sector;
• Advanced Braking Technology’s receipt of $0.53M in September for braking systems for transport and mobility solutions;
• Australian Vanadium’s receipt of $1.8M in June for methodologies to produce vanadium from poly-metallic ore.

Over the back half of the year, we have also observed that:

• Company’s registrations and Refundable R&D tax offsets are being processed by AusIndustry and the ATO fairly efficiently;
• Refundable R&D Tax Offsets of all sizes (micro, small and large) have been subject to random ATO integrity reviews. However where these reviews are instigated, they are able to be resolved efficiently, with the refund released once companies provide a response to issued queries, along with relevant supporting documentation.

We applaud the regulator’s work in efficiently issuing entitlements, whilst also conducting regular compliance activity so as to uphold programme integrity.