Race Oncology Ltd (ASX:RAC) Receives $5.25m R&D Tax Refund
R&D Tax Refund Announcement
Race Oncology Limited (ASX:RAC) has received a refund of $5,254,557 through the Australian Government’s Research & Development (R&D) Tax Incentive scheme for the financial year 2024. This incentive aims to encourage innovation within the Australian industry by providing tax offsets of up to 43.5% on eligible R&D expenditure.
Overseas R&D Activities
On 2 September 2024, Race Oncology also secured a positive determination from AusIndustry for eligibility regarding overseas R&D activities, resulting in an R&D Tax Incentive Advance and Overseas Finding Assessment of up to $20,081,627 over three years. This binding assessment confirms that Race’s R&D efforts are deemed of national interest and extends the generous R&D rebate to cover activities performed outside Australia from 1 July 2023 to 30 June 2026.
CEO Comments
Dr Daniel Tillett, CEO and Managing Director of Race, stated, “The Australian government’s R&D tax incentive program plays a critical role in helping Australian research-intensive companies to innovate. This incentive is especially important in helping biopharmaceutical companies such as Race Oncology solve significant unmet needs for patients. We are grateful to receive this refund and look forward to utilising the funds to accelerate the clinical development of RC220.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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