An AAT Case in November 2021 (XQDX v FC of T) has affirmed that a structure where a business operating as a trust and notionally invoicing R&D costs to associate company is NOT valid for the purposes of the R&D Tax Incentive. The facts were broadly as follows: The Applicant (a company and the claimed R&D Entity) was incorporated in July 2007; The claimed R&D Entity was also the trustee of a trust. A business was conducted through the trust […]
Strike Energy previously disclosed R&D Tax Offsets in dispute with Innovation & Science Australia (ISA) in respect of the FY16 period of $6,333,638 which also had subsequent implications on R&D Tax Offsets in the FY17 period of $3,697,000. Subsequent announcements to the ASX in following initial disclosure of the dispute indicated that: The matter was before the Administrative Appeals Tribunal (AAT); The company was confident in their position and the eligibility of their claims; Strike Energy then announced to the […]
The R&D Tax Incentive in its current form (superseding the previous R&D Tax Concession) was originally enacted in September 2011, applying for the FY12 period. AusIndustry has recently posted on its website some success stories of Australian companies making effective use of the programme, including: Vaxxas – bringing the world new needle-free vaccine technology; RayGen – bringing new renewable energy technology to the world. It has been an interesting decade, and whilst the programme has certainly greatly supported many companies, […]
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 […]