- PharmAust (PAA) receives a $708,000 research and development tax incentive refund
- The company says the Australian Taxation Office (ATO) has recognised the research and development innovation of the clinical-stage biotechnology company’s wholly-owned subsidiaries, Epichem and Pitney Pharmaceuticals
- The R&D incentive scheme is a program jointly administered by the ATO and AusIndustry, under which companies can receive up to a 43.5 per cent refundable tax offset of eligible expenses on research activities
- PAA shares up 1.1 per cent to 9.2 cents
PharmAust (PAA) has received a $708,000 research and development tax incentive refund.
The company said the Australian Taxation Office (ATO) recognised the research and development innovation of the clinical-stage biotechnology company’s wholly owned subsidiaries, Epichem and Pitney Pharmaceuticals.
Following approval from the ATO, just over $708,000 was deemed refundable on PharmAust’s 2021 tax return and paid to the company.
The research and development incentive scheme is a program jointly administered by the ATO and AusIndustry, under which companies can receive up to a 43.5 per cent refundable tax offset on eligible expenses on research and development activities.
“We appreciate the continued support and acknowledgement by the Australian Government for the critical work undertaken in our R&D programs,” PharmAust Finance Director Sam Wright said.
“The receipt of the R&D refund strengthens PharmAust’s financial position to execute on our upcoming clinical trials.”
PAA shares were up 1.1 per cent to 9.2 cents at 10:33 am AEST.