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Recent 10 Year Anniversary of the Current R&D Tax Incentive

November 12th, 2021

The R&D Tax Incentive in its current form (superseding the previous R&D Tax Concession) was originally enacted in September 2011, applying for the FY12 period.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, […]

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Telix Pharmaceuticals Achieves Successful Australian TGA Approval for Prostate Cancer Imaging

November 2nd, 2021

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 […]

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R&D Tax Registrations – Upcoming Deadlines

October 28th, 2021

Companies seeking to register R&D activities conducted during the Year Ended 31 December 2020 (companies that have a December YE for tax) who are yet to do so should note that the registration deadline is the end of October 2021. The blanket and automatic extensions granted during COVID no longer apply, and the statutory deadlines revert to normal (10 months after the end of the financial year). There are mechanisms available under the IR&D Act and IRD decision-making provisions that […]

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R&D Tax Incentive Statistics within Commissioner of Taxation Annual Report

October 22nd, 2021

The ATO have recently released their annual report for the FY21 period, which is designed to inform parliament, stakeholders and the community about how the ATO have administered the tax and superannuation systems. Within the report are final statistics on the R&D Tax Incentive, which is jointly administered by the ATO and AusIndustry. Key statistics on the incentive from the period are as follows: Value of claims processed for the 38.5% R&D Offset was Steady from the prior year: $2.2b […]

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