The arrangements of certain building and construction industry participants that are claiming the R&D Tax Incentive are being reviewed by the ATO and AusIndustry.The arrangements under review concern R&D claimants who are involved in either: Acquiring buildings or extensions Alterations or improvements Constructing, extending, altering or improving buildings. The review applies for instances where some or all of the expenditure: Is incurred on building and construction activities, which are expressly excluded from being taken into account in calculating an R&D […]
AusIndustry have recently released new guidance material to help companies and tax advisors correctly identify and register for the R&D Tax Incentive in the fields of software development, agriculture, building, construction, and mining. This guidance material includes specific examples and information on AusIndustry’s expectations for participants registering activities under the R&D Tax Incentive in these fields. The four new Specific Issues Guidance documents are: Getting software development R&D Tax Incentive claims right Getting building and construction R&D Tax Incentive claims right Getting mining R&D Tax Incentive claims right Getting farming R&D […]
The following R&D tax claim information will apply to companies that: have recently submitted a 2015 R&D claim; and intend to submit a 2016 R&D Claim. Upcoming AusIndustry Compliance Activity Over the next few months, AusIndustry will likely start compliance activity for FY15 applications that were lodged around the April 30 deadline. If reviewed, companies claiming the R&D Tax Incentive must substantiate to AusIndustry that: the registered activities occurred; and the claimed activities were in accordance with the R&D Tax legislation. […]
The Australian Tax Office and AusIndustry have issued guidance to alert companies against claiming the R&D tax incentive for business-as-usual farming activities. Expanding on this, ATO Deputy Commissioner Tim Dyce said that usual business expenditure is normally not eligible under the incentive and the law contains a number of requirements which must be satisfied in order for activities to be accepted. He further explains, “we’re seeing farmers applying soil treatments across their property, in some case thousands of hectares, which […]