PharmAust announces R&D Tax refund from subsidiary work

Latest News

Clinical-stage oncology company PharmAust (ASX:PAA) has announced the receipt of over $750,000 from the Australian government under the R&D Tax Incentive program.

The company said the payment of $755,594.57 reflected the R&D efforts of its wholly-owned subsidiaries, Epichem and Pitney Pharmaceuticals.

"The Company had previously lodged an application with AusIndustry following advice from PharmAust’s consultants that the R&D may qualify for a research and Development Tax Rebate on its 2020 tax return," said the company.

"Following approval from the ATO of the Company’s application for a Research and Development rebate, an amount of $755,594.57 was deemed refundable on PharmAust’s 2020 Tax Return and paid to PharmAust.

"The R&D Tax Incentive scheme is a program jointly administered by the Australian Taxation Office and AusIndustry, under which companies can receive up to a 43.5% refundable tax offset of eligible expenses on research and development activities."