Legislation and Parliamentary Matters

Consultation Around Sunsetting and Amendments to IR&D Decision-Making Principles and Regulations

September 6th, 2021

– The Industry Research and Development Act 1986 supports the administration of the Research and Development Tax Incentive. Two legislative instruments under the act are scheduled to sunset on 1 April 2022: Industry Research and Development Decision-making Principles (Decision-making Principles) Industry Research and Development Regulations (Regulations) – These principles and regulations contain rules around: Processes for lodgement of filings with AusIndustry (who administer the R&D Tax Incentive), including registration applications, overseas findings and responses to requests for information; The powers […]

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Swanson Reed in August Tax Institute Journal

August 5th, 2021

A feature article by Swanson Reed is included in the August 2021 volume of The Tax Institute’s Taxation in Australia. Swanson Reed’s article covers the legislative passage of the recent changes to the R&D tax law, along with a technical analysis of the amendments. Taxation in Australia is continually ranked as Australia’s leading tax journal and is published 11 times per year, available exclusively to members of the Tax Institute.     Take our online eligibility test to check whether your […]

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Senate Committee Calls for Quarterly RDTI Payments

May 4th, 2021

InnovationAus has reported that a government-led Senate committee chaired by Liberal Senator Andrew Bragg has called for R&D Tax Offsets to be paid quarterly, and for a new standalone scheme for software-related claims to be considered. The report included notable quotes: “The committee is recommending that different assessment methodologies be allowed under the RDTI scheme, and that consideration also be given to a standalone scheme for software development; “The timing of RDTI payments was also raised with the committee, with […]

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Australian Investment Council Proposes Relaunch of R&D Tax Incentive in May Budget

February 15th, 2021

The Government’s annual federal budget is traditionally delivered during May each year, however in 2020 it was deferred until October due to COVID. When the 2020 budget was finally handed down, it provided welcome news for the R&D Tax Incentive, since previously proposed budget cuts were replaced with alternate changes providing additional R&D tax benefits from FY22. The Government’s 2021 federal budget (potentially an election year budget) is due to be handed down in May 2021. InnovationAus has recently summarised […]

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