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Other Income | 6 Months Ended
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Mar. 31, 2023
Other Income |
Other Income | Note 3 Other Income Grant Income As of March 31, 2023, the Company had received $995,862 in a research grant awarded by the Michael J. Fox Foundation for Parkinson’s Research. The grant will be used to fund a clinical trial of the Company’s lead compound, ANAVEX®2-73 related to Parkinson’s disease. Of the total, $497,931 was received during the six months ended March 31, 2023, and $497,931 was received during the year ended September 30, 2021. The grant income was recorded to deferred grant income when received and is being amortized to grant income as the related research and development expenditures are incurred. During the three and six months ended March 31, 2023, the Company recognized $0 and $25,000, respectively (2022: $0 and $0, respectively) of this grant on its statements of operations as grant income. At March 31, 2023, an amount of $916,763 (September 30, 2022: $443,831) of this grant is recorded as deferred grant income, representing the amount of this grant which has not yet been amortized to other income. The Company will recognize this income on its statement of operations as the related expenditures are incurred to offset the income. Research and development incentive income Research and development incentive income represents the income earned by Anavex Australia, of the Australian research and development tax incentive credit (the “Tax Incentive Credit”). During the three and six months ended March 31, 2023, the Company recorded research and development incentive income of $749,681 (AUD 1,099,134) and $1,483,271 (AUD 2,215,753), respectively (2022: 835,513 (AUD 1,146,955) and $1,646,243 (AUD 2,263,317), respectively) in respect of the Tax Incentive Credit for eligible research and development expenses incurred during the period. The Company evaluates its eligibility under the tax incentive program as of each balance sheet date based on the most current and relevant data available. Although the Company believes that it complies with all the relevant conditions of the program, the Company may be subject to pre-issue review or audit by the ATO, and the ATO may have different interpretations of certain eligibility requirements. Currently, the Company’s tax incentive claims from 2018 to 2022 are open to potential review or audit by the ATO.

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