2023-06-08 01:27
Australia and its global peers have experienced a rapid rise in interests rates over the past 12 months to combat high and persistent inflation.
In recent months, Australia’s RBA Gover… Read More
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The blog details the importance of R&D tax credit claims and financing the R&D tax Offset entitlements. Swanson Reed, one of the leading tax advisory firm in Australia helps businesses with availing R&D tax loans and develop effective funding strategy.
Important R&D Tax Associate Entity Payment Rule Considerations Approaching End Of The Financial Year
2023-06-01 03:47
The R&D Tax Incentive includes a related party integrity provision whereby if a company incurs R&D expenditure to an associate, it must pay that amount in the same year to claim a no… Read More
2023-05-26 05:23
A company’s rate of R&D tax offset and whether it is refundable or not depends primarily on the R&D entity’s aggregated turnover:
If an entity’s aggregated turnover… Read More
2023-05-18 06:21
Companies seeking to claim expenditure for overseas activity incurred by an Australian company under the R&D Tax Incentive must apply separately to claim these costs by lodging an Overse… Read More
2023-05-09 23:42
The Labor Government previously handed down their first (mini) budget in October 2022 and has now handed down their first full budget in the traditional May timeslot.
Leading into thi… Read More
2023-05-08 02:22
A recent AAT Decision dated 26 April 2023 (LAKES OIL NL and INNOVATION AND SCIENCE AUSTRALIA (Taxation) ) has found a company’s registered activities were not eligible under the R&… Read More
2023-05-05 05:11
On Wednesday 3 May, the federal government released Australia’s first National Quantum Strategy.
Australian investment in quantum technologies is urgently needed, says Industry Ministe… Read More
2023-05-02 00:15
May 2023 will mark the Labor government’s second budget in this term, as the budget moves back to its traditional May timing.
Leading into the budget time, whether the R&D Tax Ince… Read More
2023-04-24 02:40
Perth based Hazer Group Limited is a pioneering ASX-listed technology development company undertaking the commercialisation of the HAZER® Process, a low-emission hydrogen and graphite pr… Read More
2023-04-18 00:18
Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2022 (companies that have a standard YE for tax) who are yet to do so should note that the standard&n&hell…Read More
2023-04-11 02:04
New Accelerating Commercialisation grants have been announced in March and April 2023, which are the first awarded since the new government came into power in May 2022.
Unlike the R&D Ta… Read More
2023-03-30 05:47
Leading up to the 2022 federal election, the (then) Opposition Leader Anthony Albanese pledged in early 2022 that he would use Labor’s proposed $15 billion National Reconstruction &hell…Read More
2023-03-27 06:38
Various laws determine the manner in which a company’s assets are distributed to employees and creditors in the event of an insolvency event.
In a decision handed down by the New South… Read More
2023-03-16 05:51
Victorian based Neuren Pharmaceuticals’ North American partner, Acadia Pharmaceuticals, has received news this week that its treatment for Rett syndrome was approved by the US Food and… Read More
2023-03-12 23:48
In the October 2020 budget, the Government introduced augmented stimulus measures to encourage investment and allow eligible businesses to claim an immediate deduction for the cost of an as… Read More
2023-03-06 02:13
The freshly appointed Minister for Industry and Science, Ed Husic, recently held a press conference with Chief Scientist, Dr Cathy Foley, regarding the National Science and Research Prioriti… Read More
2023-03-01 00:06
Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2022 (companies that have a Standard YE for tax) who are yet to do so should note that the Regis… Read More
2023-02-16 04:52
CSL is one of Australia’s greatest business and technical success stories and its shares have provided one of the best returns on the ASX among listed companies over the past deca… Read More
2023-02-13 01:37
Leading up to the 2022 federal election, the (then) Opposition Leader Anthony Albanese pledged in early 2022 that he would use Labor’s proposed $15 billion National Reconstruction Fund… Read More
2023-02-06 00:19
Under the amendments to the R&D Tax Incentive commencing for FY22, there was no change to the definition of eligible R&D activities and R&D expenditure. However there was a signi… Read More
2023-01-29 23:33
The Australian Taxation Office (ATO) and AusIndustry have advised that they will host a WEBINAR on 21 FEBRUARY 2023 for stakeholders seeking to learn more about the R&D Tax Incentive.
Th… Read More
2023-01-23 00:06
Industry Innovation and Science Australia (IISA) is the government department responsible for determining whether companies’ activities meet the legislative criteria eligible under the… Read More
2023-01-15 23:59
A number of Australian companies have reported substantial Refundable R&D Tax Offset receipts in recent months, including:
Starpharma received a refund of $7.1M for FY22 R&D activity… Read More
2023-01-11 00:40
In various R&D Tax Incentive updates attended by ATO personnel over the past year it had been indicated that refreshed R&D Tax Incentive guidance material would likely be published b… Read More
AAT Decision On Tax Agent’s Termination By TPB For Failure To Receive R&D Advice Before Lodging ITRs
2022-12-14 07:26
A recent AAT decision published in November 2022 involved the case of a tax agent and firm (the Applicants), which ran a medium sized practice with approximately 450 client groups … Read More
2022-12-14 07:26
A recent AAT decision published in November 2022 involved the case of a Tax Agent Firm (The Applicant) which ran a medium sized practice with approximately 450 client groups contesting a dec… Read More
2022-12-07 23:08
CSL is one of Australia’s greatest business and technical success stories and its shares have provided one of the best returns on the ASX among listed companies over the past decade.
C… Read More
2022-11-28 07:07
Cybersecurity has been a major focus for Government, industry, and even everyday Australians given the recent high profile breaches.
Cyber Security Minister Clare O’Neil recently annou… Read More
2022-11-25 01:50
Last decade, there were a number of R&D Tax Disputes heard by the courts with the majority of decisions seeming to find in favour of the regulators that claims (most of which were large)… Read More
2022-11-16 06:45
The previous Coalition Federal Government had first announced that it planned to introduce a patent box tax incentive for eligible income associated with new patents in t… Read More
2022-11-09 04:08
A recent AAT decision handed down in November 2022 (Active Sports Management Pty Ltd and Industry Innovation and Science Australia) has allowed a company seeking review of an AusIndustry dec… Read More
2022-11-04 00:57
A new AAT decision handed down in October 2022 (T.D.S BIZ PTY LTD and Commissioner of Taxation) considered the case of an R&D Entity attempting to claim the cost of overseas moulds, fabr… Read More
2022-10-25 23:19
The new Labor Government has handed down their first budget in October 2022.
Leading into this budget, there was not anticipated to be any changes proposed to the R&D Tax Incentiv… Read More
2022-10-20 23:37
Australia’s medical technology industry has experienced significant growth over the past few years, with industry experts saying healthcare is a major area for digital disruption.
In 2… Read More
2022-10-11 08:28
2022-10-04 04:23
Airtasker had previously been associated with the “compliance crackdown” on R&D Tax Incentive Claims, particularly for software, after reports emerged in December 2018 that t… Read More
2022-09-25 23:54
ASX Listed, Sydney based company Immutep Ltd (ASX:IMM) has recently announced on 23 September 2022 that it has received a €1,804,341 (around A$2,693,000) payment in cash from the French… Read More
2022-09-21 01:07
A recent AAT Decision handed down in July 2022 (Absolute Vision Technologies Pty Limited and Innovation and Science Australia (Taxation)) has found a company’s software development act… Read More
2022-09-18 23:28
The Australian Taxation Office (ATO) and AusIndustry have advised that they will host a series of online sessions for stakeholders seeking to learn more about the R&D Tax Incentive.
The… Read More
2022-09-11 23:06
R&D Claims for the YE 30 June 2022 involve a number of changes from prior years, reflective of the legislative amendments arising in the October 2020 budget.
These amendments change the… Read More
2022-08-31 02:39
In an article published in the AFR on 30 April, Deputy vice-chancellor of research at the University of Sydney Emma Johnston called on the government to fund research and innovation directly… Read More
2022-08-28 23:30
A recent article by Dr John Howard on InnovationAus has highlighted a comparison between Public Funding for R&D in USA (following passage of a new act) against Australia.
The article hig… Read More
2022-08-21 23:29
StartupDaily has reported that over the past week, the new Minister for Industry and Science, Ed Husic, has held discussions with industry leaders covering themes including:
Science… Read More
2022-08-14 23:12
Melbourne-based Telix Pharmaceuticals has been one of the largest recipients of the R&D Tax incentive, and has now achieved a rare feat in Biotechnology; commercialising a product… Read More
2022-08-07 23:49
The Productivity Commission is the Australian Government’s independent research and advisory body on a range of economic, social and environmental issues affecting the welfare of Austr… Read More
2022-08-05 00:08
The Tax Practitioners Board (TPB) recently published
Exposure Draft TPB Information Sheet TPB(I) D48/2022 What is a tax agent service?
The document seeks to provide information regardin… Read More
2022-08-02 06:38
The UK Government has just published draft legislation that includes signification changes to R&D tax incentives, proposed to take effect from 1 April 2023 (noting typical UK tax periods… Read More
2022-07-26 01:28
Australia is currently faced with a growing energy crisis and investment in clean energy technology and renewable generation infrastructure has been a large focus of federal governments.
In… Read More
2022-07-20 00:21
Companies should always seek to lodge R&D applications on time to avoid the need to pursue extensions.
Significant changes have been introduced over recent years limiting the time perio… Read More
2022-07-15 00:18
AusIndustry have announced that the R&D Tax Incentive Portal has transitioned to the Australian Government Digital Identity System to verify users.
This has presented a change… Read More
2022-07-08 00:46
A recent article on www.stuff.co.nz has highlighted that Australia’s R&D Tax Incentive and Digital Games Tax Offset has the NZ video game development industry worried
The… Read More
2022-07-01 03:12
Companies are now able to register R&D activities conducted during the year ended 30 June 2022 (FY22) with AusIndustry.
For the FY22 period, the application process is again administered… Read More
2022-06-27 04:45
As previously reported, Real Energy Ltd was involved in a dispute with R&D Tax Incentive programme regulators over the eligibility of its R&D activities spanning a number of years.
C… Read More
2022-06-24 02:49
Companies planning registration of R&D activities in the FY22 period (for the YE 30 June 2022) should be mindful of the following before the upcoming end of the financial year:
Findings… Read More
2022-06-21 02:30
The QLD government has announced that round 9 of the Ignite Ideas funding is available to commercialise highly innovative and new products or services that are at minimum viable product… Read More
2022-06-13 00:26
Melbourne based Paradigm Biopharmaceuticals has reported receipt of a $8.2 million research and development tax incentive refund for the YE 30 June 2021 relating to ongoing R&D activitie… Read More
2022-06-01 23:18
R&D claims for the YE 30 June 2022 involve a number of changes from prior years, reflective of the legislative amendments arising in the October 2020 budget.
These amendments change the… Read More
2022-06-01 05:28
Going into the federal election held on 21 May 2022, it was not expected that the R&D Tax Incentive was to be impacted (in the short term at least), and there were not any announcements… Read More
2022-05-22 23:10
Accountants Daily have reported an ATO announcement that ‘debts on hold’ will again be used to offset tax refunds or credits starting next month.
A non-pursued debt is a debt tha… Read More
2022-05-15 23:38
The federal election is due to be held Saturday, 21 May 2022.
Thankfully, after years of instability and uncertainty, it is not expected that the R&D Tax Incentive will be impacted by th… Read More
2022-05-08 23:55
In April 2022, AusIndustry released a new guidance document titled “Software-related activities and the Research and Development (R&D) Tax Incentive“.
Whilst nothing in the n… Read More
2022-05-04 00:17
Originally announced last federal budget was a refundable offset for digital games, to strengthen the digital games industry and develop local capability.
Last month, the treasury published… Read More
2022-04-25 23:22
Companies seeking to register R&D activities conducted during the Year Ended 30 June 2021 (companies that have a standard YE for tax) who are yet to do so should note that the registrati… Read More
2022-04-20 03:12
Administration of the R&D Tax Incentive is undertaken in accordance with the Industry Research and Development Act 1986.
The Australian Government has made new versions of 2 legislative… Read More
2022-04-13 06:33
In April 2022, AusIndustry released a new guidance document titled “Software-Related Activities and the Research and Development (R&D) Tax Incentive”.
The release of this doc… Read More
2022-04-04 01:27
In the previous federal budget handed down in May 2021, the government announced that the Board of Taxation (Board) would undertake a review to evaluate the dual‑agency administration… Read More
2022-03-30 01:46
Leading into the May 2021 and March 2022 budgets, there were no anticipated changes proposed to the R&D Tax Incentive, since the previously announced changes for FY22 had only recently b… Read More
2022-03-27 23:05
Companies seeking to register R&D activities conducted during the year ended 30 June 2021 (companies that have a standard YE for tax) who are yet to do so should note that the registrati… Read More
2022-03-21 01:45
Companies seeking to register R&D activities conducted during the Year Ended 30 June 2021 (companies that have a standard YE for tax) who are yet to do so should note that the registrati… Read More
2022-03-14 00:03
The 2022 Federal Budget is due to be held in March 2022, which is earlier than the usual May timing, due to this year’s election.
In the belated federal budget handed down in October 2… Read More
2022-03-07 00:57
In the October 2020 budget, the Government introduced and augmented stimulus measures to encourage investment and allow eligible businesses to claim an immediate deduction for the cost of an… Read More
2022-03-02 00:29
Swanson Reed has made available on our website a series of new videos, updated in March 2022, covering recent developments in the R&D Tax Incentive.
The videos within our series seek to… Read More
2022-02-24 03:05
Airtasker has previously been associated with the “compliance crackdown” on R&D Tax Incentive claims, particularly for software, after reports emerged in December 2018 that t… Read More
2022-02-20 23:39
The Australian Government first announced that it will introduce a patent box for eligible income associated with new patents in the medical and biotechnology sectors in the May 2021 federal… Read More
2022-02-11 05:48
The Senate Economics Committee has this week released its report of inquiry into the Australian manufacturing industry.
The terms of reference of the inquiry included review of the role that… Read More
2022-02-07 02:02
A federal election is due to occur by May 2022.
Thankfully, after years of instability and uncertainty, it is not expected that the R&D Tax Incentive will be impacted by the upcoming ele… Read More
2022-01-31 06:27
AusIndustry have announced that over the coming quarter, they are conducting a series of events linked to R&D Tax Incentive (R&DTI) Programme developments and guidance documents.
The… Read More
2022-01-20 05:50
AusIndustry has recently released a draft Industry Research and Development (clinical trials, Phase 0, I, II, III for an unapproved therapeutic good) Determination 2021 for consultation and… Read More
2022-01-17 07:25
In July 2020, The ATO released TD 2020/D1: Income tax: notional deductions for research and development activities subsidised by JobKeeper payments.
The ruling outlined the need for companie… Read More
2022-01-13 00:01
Melbourne-based Imugene Ltd announced in January 2022 the receipt of the company’s FY21 R&D Tax Offset refund of $6,541,921.
The company has noted that the funds will support its c… Read More
2022-01-10 07:17
Under SECT 355.405 ITAA97, an entity cannot claim R&D expenditure in situations where:
(a) when an entity incurs R&D expenditure, consideration has been received, or was reasonably e… Read More
2021-12-21 02:59
The 2021 calendar year has again been busy for the R&D Tax Incentive. Key developments this year have included:
ANAO report:
A report from the Australian National Audit Office (ANAO), re… Read More
2021-12-12 22:46
The ATO have announced it will close for Christmas at midday Friday, 24 December 2021 and reopen on Tuesday, 4 January 2022.
The ATO have also noted in a statement quoted on A… Read More
2021-12-09 06:16
The Government has today announced $280 million in funding available through Round 2 of the Integration and Translation Streams of the $1.3 billion Modern Manufacturing Initiative (MMI).&nbs&hell…Read More
2021-11-30 04:36
The Australian National Audit Office (ANAO)’s purpose is to support accountability and transparency in the Australian Government sector through independent reporting to the Parlia… Read More
2021-11-26 00:27
An AAT Case in November 2021 (XQDX v FC of T) has affirmed that a structure where a business operating as a trust and notionally invoicing R&D costs to associate company is NOT val… Read More
2021-11-16 07:15
Strike Energy previously disclosed R&D Tax Offsets in dispute with Innovation & Science Australia (ISA) in respect of the FY16 period of $6,333,638 which also had subsequent implicat… Read More
2021-11-11 23:04
The R&D Tax Incentive in its current form (superseding the previous R&D Tax Concession) was originally enacted in September 2011, applying for the FY12 period.
AusIndustry has recent… Read More
2021-11-02 07:12
Melbourne-based Telix Pharmaceuticals Ltd has today reported the receipt of approval from the Australian TGA for its prostate cancer imaging product, Illuccix. Iluccix, after radiolabeling w… Read More
2021-10-28 05:18
Companies seeking to register R&D activities conducted during the Year Ended 31 December 2020 (companies that have a December YE for tax) who are yet to do so should note that the regist… Read More
2021-10-22 03:56
The ATO have recently released their annual report for the FY21 period, which is designed to inform parliament, stakeholders and the community about how the ATO have administered the tax and… Read More
2021-10-17 23:45
Background
On 12 October 2021 the ATO issued a Decision Impact Statement relating to the decision handed down by the Full Federal Court in Auctus Resources Pty Ltd v Commissioner of Taxation… Read More
2021-10-11 05:21
A significant (but temporary) change to operation of the R&D Tax Incentive for expenditure on tangible depreciating assets used in R&D activity came into effect during FY21.
H… Read More
2021-10-05 06:42
The Government announced the resignation of Christian Porter from the Industry portfolio in September 2021 after approximately 6 months in the role. Energy Minister Angus Taylor was the… Read More
2021-09-30 04:54
ASX listed, Sydney based company Immunetep Ltd recently announced that it has received a €2,126,617 (around A$3,400,000) payment in cash from the French Government under its Créd… Read More
2021-09-23 00:44
Over the weekend, the Government announced the resignation of Christian Porter from the industry portfolio after approximately six months in the role. Energy Minister Angus Taylor will serve… Read More
2021-09-20 00:00
The ATO recently released a report titled Tax Avoidance Taskforce highlights 2020-21.
The report has highlighted that:
Activity over the past year achieved favourable promoter penalty outcom… Read More
2021-09-14 00:19
InnovationAus has cited a new ABS report finding that business expenditure on R&D (BERD) was $18.17 billion in 2019-20, slightly below the $18.32 billion that businesses spent in 2011-12… Read More
2021-09-05 23:36
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The Industry Research and Development Act 1986 supports the administration of the Research and Development Tax Incentive. Two legislative instruments under the act are scheduled to s… Read More
2021-08-30 00:16
Imdex Limited (ASX: IMD) is a WA-based company providing technology and equipment for the mining industry. The company offers a range of products and services, including:
Drilling optim… Read More
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