Genetic Technologies Ltd has received a A$1.84 million R&D refund from the Australian Federal Government for the 2024 financial year.
Leader in genomics-based testing
The company is a global leader in personalised, predictive, genomics-based tests in health, wellness and serious disease and the parent company of geneType™.
The amount received represents 43.5% of the company’s eligible R&D expenditure for the year ended June 30, 2024, which was channelled into the company's work on preventative health for diseases like cancer, coronary artery disease and Type 2 diabetes.
Read: Genetic Technologies secures partnership with CancerIQ to expand cancer prevention programs
Genetic Technologies was awarded the credit under the Federal Government’s Research and Development (R&D) Tax Incentive program.
The Research and Development Tax Incentive was designed to encourage Australian companies to invest in research and development (R&D) activities, promoting innovation and technological advancement.
Read: Genetic Technologies launches geneType™ on its EasyDNA platform
Driving economic growth
The government recognises the role of R&D in driving economic growth by generating new knowledge, technologies and processes that not only benefit individual companies but also contribute to the broader community and national economy.
The initiative plays a role in fostering ideas and solutions that enhance competitiveness and success across various industries.
By offering tax offsets, the initiative helps businesses offset a portion of the costs associated with eligible R&D projects, making these ventures more financially viable and mitigating the risk and uncertain return often associated with R&D endeavours.
The tax incentive makes companies more inclined to pursue innovative projects that may have uncertain returns but could yield significant long-term benefits.