Tax and Superannuation Laws Amendment (2015 Measures No.3) Bill 2015 that proposes a 1.5% cut to R&D Tax Incentive rates passed the House of Representatives and is now being considered by the Senate. Click here to view the Tax and Superannuation Laws Amendment (2015 Measure No. 3) Bill 2015 The Bill is a reintroduction of previous legislation stalled in the senate which also proposed a uniform reduction of 1.5%. The basis for the previously proposed reduction of the R&D Tax Offset rate […]
With the 2017 financial year fast approaching, Swanson Reed is calling all companies and accountants to enrol in our TaxTrex 2017 record keeping program. Enrolments will be open from now until 30 June. To claim the R&D Tax Incentive, companies must collect timestamped documentation detailing the progress of their R&D projects. TaxTrex simplifies this process into three 20 minute surveys allowing companies to meet compliance requirements as quickly and pain-free as possible. By enrolling in TaxTrex before FY17, companies will be […]
The following R&D tax claim information will apply to companies that: have recently submitted a 2014 R&D claim; and intend to submit a 2015 R&D Claim. Upcoming AusIndustry Compliance Activity Over the next few months, AusIndustry will likely start compliance activity for FY14 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 […]
30 April 2015 is the deadline to claim the R&D Tax Incentive for eligible activities conducted during the year ended 30 June 2014 (ie last financial year). Any companies still seeking to lodge FY14 claims should take action ASAP to ensure their activities are adequately assessed and described within their registration applications. This includes the need to provide detail of: The specific Core experimental activities undertaken during FY14; Observations and conclusions of the experimental activities; Why knowledge gained from the experimental activities is new; How […]