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ATO Guidance and Materials

R&D Tax Registration Deadline for YE 30 June 2020 is April

April 6th, 2021

Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2020 (ie FY20 – last financial year) who are yet to do so should note that the Registration Deadline is 30 April 2021. Last year, AusIndustry applied a blanket extension to all companies’ FY19 R&D Applications due to COVID. We are of the understanding that this blanket extension will NOT be available for FY20 applications, and the 30 April 2021 statutory deadline (10 months after the end of the financial […]

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ATO and AusIndustry Joint Podcast on R&D Tax Incentive

March 1st, 2021

AusIndustry and the ATO have published a joint podcast on business.gov.au this week, featuring Brett Challans (ATO) and Kelly Wiggins (DISER). The podcast discusses key R&D Tax Incentive issues relevant to each department, including: Eligible entities; The self-assessment process; Categories of ineligible expenditure; Records relevant to substantiating the R&D process through systematic progression of work i.e. from hypothesis to conclusions. E.g. emails, project plans, annual reports, lab notebooks and meeting minutes; Records relevant to substantiating expenditure including invoices, contractors and […]

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Updated Summary of Interaction Between Instant Asset Write-off, Temporary Full Expensing, and the R&D Tax Incentive

November 10th, 2020

The Government has recently introduced and augmented stimulus measures to encourage investment and allow eligible businesses to claim an immediate deduction for the cost of an asset in the year the asset is first installed ready for use. This asset investment stimulus has taken the form of 2 programmes: Instant asset write-off provided for under section 328-180 of the INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997: applies for assets a R&D entity first acquires/installs up until 31 December 2020; applies to […]

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Adjustments Required to R&D Claims for JobKeeper Payments – ATO Position Released

July 28th, 2020

As had been anticipated, the ATO will be requiring adjustments to R&D claims that contain salaries reimbursed by the JobKeeper Scheme. Companies lodging FY20 R&D claims who have also received the JobKeeper stimulus must carefully review and adjust R&D claims where necessary. The basis of this need for adjustment is the ATO’s position that companies are not deemed to incur salary expenditure at their own financial risk where such costs are being reimbursed by the Job Keeper Scheme. Draft Taxation […]

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