BARD1 RECEIVES $520K R&D TAX INCENTIVE REFUNDPerth, Australia, 27 May 2019: BARD1 Life Sciences Limited (ASX:BD1) (BARD1 or the Company), a medical technology company developing non-invasive cancer diagnostics, is pleased to announce it has received a $520,518 Research and Development (R&D) Tax Incentive refund from the Australian Taxation Office (ATO) for the 2017/18 financial year.The Australian Government’s R&D Tax Incentive Scheme supports eligible Australian companies to invest in R&D activities in Australia by providing cash rebates of 43.5% for eligible R&D expenditure. BARD1 received a “R&D Tax Incentive – Advance and Overseas Finding Certificate” from AusIndustry on 18 February 2019 approving that its overseas R&D activities, in addition to its Australian activities, are eligible for the R&D Tax Incentive in the financial years 2017/18, 2018/19 and 2019/20. In 2017/18, BARD1 spent $1,196,594 on eligible R&D in Australia and overseas.The funds will be used to progress the development and commercialisation of the BARD1 diagnostics pipeline.
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