Australia offers real cash rebates for R&D startup money spent
Australia’s Massive MedTech Tax Incentive (from the LinkedIn Medical Devices Group)
Did you know there’s millions of Australian tax incentive dollars waiting for medtech companies?
Venture capitalist Trevor Moody explains there’s a well-established program to bring medtech R&D to Australia.
For medtechs with less than $20MM in sales, the Australian Federal Tax Office gives 43.5-percent rebates on all R&D dollars spent. That’s real cash – not a credit.
To get the cash, Trevor said you need to have a presence in Australia. “It could be as little as one administrator in a local office. It requires due diligence but Australian accounting firms are eager to help.”
He adds, “Financially it makes sense if you’re spending more than a million. But clinically, it makes all the sense in the world. Australia has a streamlined ethics (institutional review board, IRB) program that helps you get approvals to run your study, globally regarded physicians, and a network of service providers to facilitate your work.”
I know this topic will translate for some as yet another reason to do business outside the United States (see medical device tax and tax-inversion strategies) but what an incentive!
Did you know about this? Would you do it if you could?
I’ll get to meet Trevor at the Investment-in-Innovation (IN3) Medical Device Summit, now in its 12th year. The event pairs medtech companies with buy-side strategics and VCs like Trevor.
If you’d like to join us (San Francisco, Nov 6), visit http://medgroup.biz/IN3 and use code “MDG” to save $400. If you’d like to present to the VCs, email me at JHage@MedicalDevicesGroup.net.