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Revenue and Other Income

12 Months Ended

Jun. 30, 2024

Note 3. Revenue and other income

		30 June 2024			30 June 2023			30 June 2022
	Notes	A$			A$			A$
Revenue
Revenue from Operating Activities
Revenue from contracts with customers at a point in time			4,902,865			1,804,705			765,193
Total Revenue from Operating Activities			4,902,865			1,804,705			765,193

Grant Income
Australian R&D tax incentive refund			764,981			392,877			257,500
MTEC R&D grant			2,599,458			2,158,936			369,045
HJF R&D grant			-			-			306,595
EMDG grant			28,000			28,000			-
Other income			15,760			11,685			24,585
Total Grant Income			3,408,199			2,591,498			957,725

Other Gains/(Losses) – Net
Fair value gains/(losses) to financial assets	8 (c)(ii)		(557,676	)		(523,666	)		-
Net foreign exchange gains/(losses)			(27,603	)		363,724			247,558
Movement in inventory provision			-			430,932			-

(i)

Fair value of R&D tax incentive refund

The group’s R&D activities are eligible under an Australian government tax incentive for eligible expenditure. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. Amounts are recognized when it has been established that the conditions of the tax incentive have been met and that the expected amount can be reliably measured.

(ii)

R&D grants from MTEC

The group’s other grant income is recognized when compliance with the conditions attached to the grant have been determined and the group has ascertained the grant will be received and the amount can be reliably measured. For the year ended 30 June 2024, the group has recognized $2,599,458 (2023: $2,158,936) R&D grant from Medical Technology Enterprise Consortium (“MTEC”). This is to recognize income over the year necessary to match the grants on a systematic basis with the costs that they are intended to compensate.