Australia’s medical technology industry has experienced significant growth over the past few years, with industry experts saying healthcare is a major area for digital disruption. In 2021, the medtech industry was investing $10 billion a year in Australia, up from around $300 billion in 2013, according to the New Daily. Whatsmore, 15 of the top 20 biotech companies have sales and revenue, which wasn’t the case 15 years ago. Whether the demand has been a long time coming with an […]
Companies seeking to register R&D Activities conducted during the Year Ended 31 December 2021 (companies that have a December YE for tax) who are yet to do so should note that the Registration Deadline is the end of October 2022. The blanket and automatic extensions granted during COVID no longer apply, and the statutory deadlines revert to normal (10 months after the end of the financial year). There are mechanisms available under the IR&D Act and IRD Decision making provisions that allow […]
ASX Listed, Sydney based company Immutep Ltd (ASX:IMM) has recently announced on 23 September 2022 that it has received a €1,804,341 (around A$2,693,000) payment in cash from the French Government under its Crédit d’Impôt Recherche scheme (CIR). A similar magnitude payment was received in the previous years. The payment relates to activity the company is conducting in Paris to develop its novel Immunotherapy treatments. Immutep Ltd also registers activities under the Australian R&D Tax Incentive. Whilst there is likely to […]
A recent AAT Decision handed down in July 2022 (Absolute Vision Technologies Pty Limited and Innovation and Science Australia (Taxation)) has found a company’s software development activities were not eligible under the R&D Tax Incentive. Prior to this decision, there was only a limited number of previous decisions on Software R&D Eligibility heard by the courts and AAT. The company had registered R&D Activities with AusIndustry for a number of years with the objective of the project being: …to evolve […]