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FY23 R&D Registrations Now Open

July 3rd, 2023

Companies are now able to register R&D Activities conducted during the year ended 30 June 2023 (FY23) with AusIndustry. For the FY23 period, the application process is again administered through the new online customer portal which was introduced for the prior FY21 period. There were substantial changes made to the R&D Activity technical description requirements in FY21, however the AusIndustry activity disclosure requirements for FY23 appear not to have materially changed. In addition, as the major changes for calculation of […]

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New Draft Tax Determination on Aggregated Turnover and Connected Entities – Commissioner’s Discretion That an Entity does not ‘Control’ Another Entity

June 29th, 2023

On 28 June 2023 the ATO has published Draft Tax Determination TD 2023/D2 on aggregated turnover and connected entities – Commissioner’s discretion that an entity does not ‘control’ another entity. Under the R&D Tax Incentive 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 is less than $20 million and it is not controlled by any exempt entities, then the company can […]

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The link between Business R&D, Productivity, Inflation and Interest Rates

June 8th, 2023

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 Governor and Treasurer have begun to mention the importance of improving Australia’s productivity as a means of addressing the inflation issues. The Australian and AFR newspapers today have noted that: A 4.6 per cent plunge in ­labour productivity in the year to March came as figures released by the Australian Bureau […]

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Should policy makers be considering an increase to the $20 million turnover threshold re: eligibility for the Refundable R&D Tax offset?

May 26th, 2023

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 is less than $20 million and it is not controlled by any exempt entities, then the company can claim the refundable tax offset. The refundable tax offset rate is equal to the company’s corporate tax rate plus an additional premium rate of 18.5%. If an entity’s aggregated turnover is $20 million or more, […]

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