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ATO Guidance and Materials

Extension of Temporary Full Expensing Provisions to 30 June 2023 and Applicability to R&D Assets

March 7th, 2022

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 asset in the year the asset is first incurred. This included measures for Temporary Full Expensing (TFE) of assets that an entity first acquires/installs between 7:30pm AEDT on 6 October 2020 (the 2020 Budget time) and 30 June 2022. Subject to certain conditions around how an asset was acquired, held and […]

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Swanson Reed’s R&D Tax Update Videos: March 2022

March 2nd, 2022

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 explain key guidance publications and principles used by the ATO and AusIndustry during their compliance assessments, as well as an overview of recent legislative changes to the programme. Content for these videos has, where relevant, been based on guidance publications released by the ATO and AusIndustry. The current […]

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ATO Release Finalised Tax Ruling TR 2021/9 (Adjustments to R&D Claims for Job Keeper)

January 17th, 2022

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 companies that are subject to both the R&D Tax Incentive and JobKeeper to adjust R&D claims on the basis that: The “at-risk” rule applies to R&D salaries reimbursed by Jobkeeper, and a company cannot notionally deduct the portion of wage expenditure incurred on R&D activities that has been subject to the JobKeeper payment; […]

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ATO Release Finalised Tax Ruling TR 2021/5 (At Risk Rule)

January 10th, 2022

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 expected to be received: as a direct or indirect result of the expenditure being incurred; and regardless of the results of the activities on which the expenditure is incurred; and (b) that consideration is equal to or greater than the expenditure. The spirit of this provision is to ensure companies only receive an […]

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