ResApp Health (ASX:RAP) receives R&D tax incentive refund

• ResApp Health (RAP) receives over $800,000 from its research and development tax incentive claim for the financial year ending June 30, 2021
• The incentive was jointly administered by the ATO and the Department of Industry, Innovation and Science
• The company says the refund strengthens its cash position, which sat at $4.4 million as of September 30 2021
• ResApp Health has been trading up 1.72 per cent at 5.9 cents

ResApp Health (RAP) has received over $800,000 from its research and development tax incentive claim for the financial year ending June 30, 2021.

ResApp is a health company working to develop smartphone applications for the diagnosis and management of respiratory disease. The company’s algorithms use sound to diagnose and measure the severity of respiratory conditions, without the need for additional hardware.  

The $818,826 R&D tax incentive was jointly administered by the Australian Taxation Office and the Department of Industry, Innovation and Science.

Through the program, companies can receive up to a 43.5 per cent refundable tax offset of eligible expenses associated with R&D initiatives.

“We are grateful for the Australian Federal Government’s continued commitment to supporting R&D by Australian companies,” CEO and Managing Director Dr Tony Keating said.

“ResApp is the global leader in using audio to diagnose and manage respiratory health, and the R&D tax incentive program helps us to continue to invest in R&D to maintain this leadership.”

The company said the refund strengthens its cash position, which sat at $4.4 million as of September 30 2021.

ResApp Health was up 1.72 per cent, trading at 5.9 cents at 4:01 pm AEDT.