CleanSpace Holdings Limited (ASX: CSX) has announced the receipt of a $940,854 Research and Development (R&D) Tax Incentive cash rebate from the Australian Federal Government for the financial year ended June 30, 2024. The funds will be allocated to ongoing product research and development, reinforcing the company’s dedication to innovation within the Powered Air Purifying Respirator (P.A.P.R.) market.
The R&D Tax Incentive Program, a key initiative of the Australian Federal Government, aims to stimulate business innovation and growth by providing tax offsets for qualifying research and development activities. This program effectively reduces costs and encourages investment in the creation of new ideas, products, and technologies. CleanSpace’s receipt of this rebate underscores its commitment to developing technologically advanced products that cater to the specific needs of customers in industrial end markets.
CleanSpace, based in Sydney, specializes in designing and manufacturing respiratory protection equipment for both industrial and healthcare sectors. Founded by biomedical engineers with a background in respiratory medical devices, the company prioritizes improving health and safety outcomes for individuals requiring respiratory protection. The company focuses on research and development to create differentiated designs and approved products, offering significant advantages to both employers and users. CleanSpace Respirators represent a significant advancement in personal respiratory protection, providing enhanced protection for frontline workers and contributing to improved health outcomes for a large number of people.
