Industry Innovation and Science Australia (IISA) is the government department responsible for determining whether companies’ activities meet the legislative criteria eligible under the R&D Tax Incentive. The 2022-23 Annual Report for IISA was recently released, and a section of the report provides an update on legal matters and litigation relevant to the department. When comparing the 2022-23 Annual Report with the equivalent publications from previous years, a continued decline in the number of R&D Tax disputes arising between companies and […]
In response to the recent scandals in the tax profession, the Government has proposed to increase maximum fines on firms engaged in tax exploitation scheme by around 100 times. The move would see firms face fines of up to $780m for exploiting tax loopholes, and other changes made to regulators’ powers. The promoter penalty laws are concerned with arrangements that avoid or evade tax, and where the benefit claimed isn’t available under the tax laws. They are collectively referred to […]
On Wednesday 3 May, the federal government released Australia’s first National Quantum Strategy. Australian investment in quantum technologies is urgently needed, says Industry Minister Ed Husic, Australia led the world in offering postgraduate quantum physics qualifications 30 years ago, and today has more than 20 world-leading quantum companies operating in the country, but Minister for Industry and Science Ed Husic warned that Australia can’t afford to be “left behind in a post-quantum world” amid unprecedented global geostrategic competition. The National […]
May 2023 will mark the Labor government’s second budget in this term, as the budget moves back to its traditional May timing. Leading into the budget time, whether the R&D Tax Incentive is effective, or should be tinkered with (including by changing it to a grant or Government assessment/merit system, rather than broad based self assessment) is often raised by some in the media, politics or academia. An article published by the AFR in late March 2023 included comments from […]