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Draft AusIndustry Determination on Clinical Trials (Phase 0-III) for an Unapproved Therapeutic Good
January 20th, 2022AusIndustry 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 […]
ATO Release Finalised Tax Ruling TR 2021/9 (Adjustments to R&D Claims for Job Keeper)
January 17th, 2022In July 2020, The ATO released TD 2020/D1: Income tax: notional deductions for research and development activities subsidised by JobKeeper payments. The ruling outlined the need for companies that are subject to both the R&D Tax Incentive and JobKeeper to adjust R&D claims on the basis that: The “at-risk” rule applies to R&D salaries reimbursed by Jobkeeper, and a company cannot notionally deduct the portion of wage expenditure incurred on R&D activities that has been subject to the JobKeeper payment; […]
Imugene Ltd receives $6.5M R&D Tax Offset Refund
January 13th, 2022Melbourne-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 […]
ATO Release Finalised Tax Ruling TR 2021/5 (At Risk Rule)
January 10th, 2022Under SECT 355.405 ITAA97, an entity cannot claim R&D expenditure in situations where: (a) when an entity incurs R&D expenditure, consideration has been received, or was reasonably expected to be received: as a direct or indirect result of the expenditure being incurred; and regardless of the results of the activities on which the expenditure is incurred; and (b) that consideration is equal to or greater than the expenditure. The spirit of this provision is to ensure companies only receive an […]
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News & Research
News & Research
News & ResearchCochlear Comments on Australian R&D Tax and Innovation Policy
A recent article in The Australian has outlined comments from Dig Howitt, CEO of Cochlear, who believes Australia is at a crossroads when it comes to commercialising new innovative products. Howitt noted the country’s current tax regime hinders research and development […]
ATO Release First R&D Tax Incentive Transparency Reporting Data
As now required by law, The Australian Taxation Office (ATO) has released its first annual Research and Development (R&D) tax transparency report on entities claiming the R&D tax offset. The information the ATO published includes: name of the R&D entity […]
