Simavita Receives $1.65 Million Cash Payment Under R&D Tax Incentive Scheme
SYDNEY, AUSTRALIA--(Marketwired - Dec. 19, 2016) - Simavita Limited (ASX:SVA) ("Simavita" or the "Company") is pleased to confirm the receipt of $1,659,600 under the Australian Government's Research and Development Tax Incentive Scheme. The claim covers the year ended 30 June 2016.
The R&D Tax Incentive is an Australian Government program developed to assist businesses recover some of the costs of undertaking research and development. Under this program companies receive cash refunds for 45% of eligible expenditure on research and development.
The receipt of these funds confirms Simavita's significant and ongoing commitment to research and development in the production of smart, wearable and disposable sensors for the health care industry. These products are sold to national and international markets.
About Simavita
Simavita is focused upon the rapid delivery of smart, wearable and disposable sensors for the health care industry. With the support of our shareholders, customers and employees, Simavita is focused upon the business at hand; creating a commercially successful and growing corporation.
To date we have developed and are actively selling automated sensors and systems for the assessment and management of incontinence. Incontinence and the management of incontinence is a major and rapidly growing challenge. The annual cost to the global economy is in the billions of dollars and rising. It is an enormous cost that includes both incontinence materials as well as the significant time spent by carers in helping people suffering from incontinence. Most significantly, it impacts a growing community of seniors as well as people of any age who may be affected by disability and illness. Simavita operates directly in Australia, Europe and North America where we see significant and growing demand for product that delivers real cost benefit to the health care industry and particularly for people in need.
The R&D Tax Incentive is an Australian Government program developed to assist businesses recover some of the costs of undertaking research and development. Under this program companies receive cash refunds for 45% of eligible expenditure on research and development.
The receipt of these funds confirms Simavita's significant and ongoing commitment to research and development in the production of smart, wearable and disposable sensors for the health care industry. These products are sold to national and international markets.
About Simavita
Simavita is focused upon the rapid delivery of smart, wearable and disposable sensors for the health care industry. With the support of our shareholders, customers and employees, Simavita is focused upon the business at hand; creating a commercially successful and growing corporation.
To date we have developed and are actively selling automated sensors and systems for the assessment and management of incontinence. Incontinence and the management of incontinence is a major and rapidly growing challenge. The annual cost to the global economy is in the billions of dollars and rising. It is an enormous cost that includes both incontinence materials as well as the significant time spent by carers in helping people suffering from incontinence. Most significantly, it impacts a growing community of seniors as well as people of any age who may be affected by disability and illness. Simavita operates directly in Australia, Europe and North America where we see significant and growing demand for product that delivers real cost benefit to the health care industry and particularly for people in need.