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Industry Specific Issues

Med and Bio Tech Patent Box Bill Introduced to Parliament

February 21st, 2022

The Australian Government first announced that it will introduce a patent box for eligible income associated with new patents in the medical and biotechnology sectors in the May 2021 federal budget. The legislation to enact this was introduced to the lower house in February, but with very few Senate sitting days left before the federal election it may not be passed in time. The Tax Concession for Australian Medical Innovations Bill 2022 introduces a patent box scheme that would see […]

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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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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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Telix Pharmaceuticals Achieves Successful Australian TGA Approval for Prostate Cancer Imaging

November 2nd, 2021

Melbourne-based Telix Pharmaceuticals Ltd has today reported the receipt of approval from the Australian TGA for its prostate cancer imaging product, Illuccix. Iluccix, after radiolabeling with gallium-68, is the first commercially approved PSMA-PET imaging agent available in Australia. Telix Pharmaceuticals has noted that the TGA approval was an important milestone as it looks to make other regulatory submissions across the Asia Pacific. Telix Pharmaceuticals has invested an enormous amount in R&D expenditure to reach this achievement, and are one of […]

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