Melbourne-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 […]
Under 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 […]
The 2021 calendar year has again been busy for the R&D Tax Incentive. Key developments this year have included: ANAO report: A report from the Australian National Audit Office (ANAO), released in November, found that the R&D Tax Incentive programme’s dual administrators (being 1: The Department of Industry, Science, Energy and Resources and 2: The ATO) were largely effective in their administration of the programme. The ANAO did, however, note that there were some issues around reporting arrangements, the joint […]
The ATO have announced it will close for Christmas at midday Friday, 24 December 2021 and reopen on Tuesday, 4 January 2022. The ATO have also noted in a statement quoted on AccountantsDaily that returns or activity statements lodged on or after 17 December 2021 are less likely to be finalized before the closure. Companies planning forthcoming lodgment of tax returns and R&D Schedules around this time should take note of this information if they are planning cashflows arising from receipt of Refundable R&D […]