Sydney-based Biotron has announced that it has received a $1.7 million R&D Tax Incentive refund for 2013-14.
The Abbott Government recently announced changes to the R&D Tax Incentive that will see a $100 million cap on claims applied retrospectively to 1 July last year.
The Senate rejected a 1.5 per cent cut in the R&D Tax Incentive.
The change has faced criticism from the R&D sector, including AusBiotech.
The Government has also announced its intention to review the R&D tax incentive through the Tax White Paper, “within the broader context of reviewing the effectiveness of existing tax incentives for innovation, industry-funded research and collaboration with public research institutions.”
Currently, companies receive cash refunds for 45 per cent of eligible expenditure on R&D.
According to Biotron's Managing Director, Dr Michelle Miller, "Whilst Biotron is fully funded for its current activities, which include completion of its phase 2 HCV trial BIT225-008, and IND-supporting activities as previously advised, this R&D cash rebate will strengthen the company's cash position and support underlying expenditure."
