The Government’s R&D Tax Incentive budget announcement on 6 October 2020 largely backed away from previously proposed and widely condemned retrospective cuts to the program and contained some additional R&D Tax benefits not previously anticipated, which are to apply from FY22. The SMH has this week reported that Australian companies have made substantial increases in their R&D Budgets as a direct result of the government’s R&D Tax Measures passed late last year. Cochlear and Resmed are quoted by the SMH […]
One of the most high profile R&D Tax disputes has been that of engineering contractor Monadelphous. In August 2019 Monadelphous recognised a $7 Million provision relating to repayment of R&D Claims for the FY15 and FY16 periods. The provision indicated that the underlying disputed R&D Activities may have R&D Expenditure of around $70 to $80 Million, and followed a previous announcement in May 2019 that the company had received notices of amended assessments from the ATO relating to findings by […]
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 […]
AusBiotech’s virtual showcase during JP Morgan week in January 2021 will seek to highlight the advantages of partnering with Australian life science companies and utilising the R&D Tax Incentive. Australia has become an attractive location for the conduct of clinical trials in recent years, based on local capability and infrastructure offering companies the ability to attain high-quality clinical data. Australia’s 43.5% Refundable R&D Tax Offset has further made the country an attractive destination for the conduct of clinical research. Ausbiotech’s […]