The QLD government has announced that round 9 of the Ignite Ideas funding is available to commercialise highly innovative and new products or services that are at minimum viable product stage or beyond. The Ignite Ideas Fund is designed to support Queensland based small to medium businesses that have high-growth potential to undertake commercialisation projects that will: Strengthen key industries in Queensland. Diversify the Queensland economy. Compete in domestic and global markets. Engage and/or benefit regional Queensland. Create new jobs, now […]
Melbourne based Paradigm Biopharmaceuticals has reported receipt of a $8.2 million research and development tax incentive refund for the YE 30 June 2021 relating to ongoing R&D activities into its pentosan polysulfate sodium treatment. The company has advised that the funds will be reinvested in R&D activities and to support its global Phase 3 and Phase 2 clinical programs. Paradigm Biopharmaceuticals’ R&D offset refund is one of the larger R&D tax offsets reported, alongside the likes of Telix Pharmaceuticals’ R&D […]
R&D claims for the YE 30 June 2022 involve a number of changes from prior years, reflective of the legislative amendments arising in the October 2020 budget. These amendments change the mechanisms for calculation and reporting of R&D tax offsets to the ATO, which also presents the need for corresponding changes in the company tax return. In late May 2022, the ATO released its Research and Development Tax Incentive Schedule 2022 (NAT 73794) with corresponding changes to the labels within. […]
Going into the federal election held on 21 May 2022, it was not expected that the R&D Tax Incentive was to be impacted (in the short term at least), and there were not any announcements during the campaign that have been R&D tax specific. This was so, since recent legislative amendments to the R&D Tax Incentive had only recently commenced after the October 2020 bi-partisan enactment of the underlying law, and it would be unlikely for further change to happen […]