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Investorfirst receives refund on HUB24 development
Investorfirst has received a $1.1 million research and development (R&D) Tax Incentive in July in regards to its development of the HUB24 investment and superannuation platform in 2012.
The R&D Tax Incentive is a government initiative that aims to offset some of the costs of doing R&D for Australian businesses.
Investorfirst's product development included two new superannuation and pension products and a number of retail and group insurance options. It also further developed HUB24's managed portfolio capabilities.
The company expects to make an additional claim in 2013 following its ongoing involvement in the superannuation platform's development, including direct market trading of listed securities and the AdviserHub portal for financial advisers.
Investorfirst acting chief executive Jason Entwhistle said one of the biggest challenges in proprietary technology development was in a product's funding prior to commercialisation.
"Our continued focus on innovation is helping drive adoption of the platform by financial advisers and building a strong pipeline for future business," he said.
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