Under the recently enacted small business technology investment boost, small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction to support their digital operations and digitise their operations. The boost applies to eligible expenditure incurred between 7:30 pm AEDT on 29 March 2022 and 30 June 2023. The boost is for business expenses and depreciating assets and is capped at $100,000 of expenditure per income year. You can receive a […]
The ATO has circulated a guidance update on August 17 2023 titled “Claiming the R&D tax incentive this tax time”. The ATO guidance update outlines key factors for claimants to consider, including: review of technical eligibility using the instructions for the 2023 schedule use of the ATO R&D calculator to help calculate your R&D tax incentive claim. direction around how offset rates are different depending on a company’s aggregated turnover and R&D intensity that R&D activities conducted overseas must be covered by an Overseas […]
AusIndustry have announced that on Thursday the 24th of August, they will be conducting a joint event with the ATO to provide introductory level information regarding the R&D Tax Incentive. The sessions are noted as covering: The benefits offered by R&D Tax Incentive Who can apply What R&D activities and expenditure are eligible The importance of record keeping When and how to apply Information regarding registration to attend the session is available on the AusIndustry website. Please get in touch […]
As noted on the Swanson Reed blog in November 2022, an 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, fabrication, CAD and assembly within their R&D Tax Incentive claim without having first attained an Overseas Finding from AusIndustry. This was one of the only administrative decisions to consider the specific issue of: Is R&D expenditure related to the […]