The recent AAT decision, Mount Owen Pty Ltd and Innovation Australia [2013] AATA 573 was a well resourced AAT case that related to the R&D activities conducted by a large coal producer. It is relevant to companies that conduct R&D activities in a production environment. It is important to note that although the case references the Applicant as Hunter Valley Coal Corporation Pty Ltd, a then subsidiary of BHP Ltd, BHP had sold this company to another mining company and had no […]
Australia is one of the world leaders in innovation and R&D, but our current tax system fails to reflect the challenges of a competitive global economy, especially as it relates to domestic biotechnology and manufacturing. Recently, the Abbott Government pledged to explore ‘patent box’ in Australia. The patent box Australia concept has already been adopted by many European countries and is currently before Congress in the U.S. These schemes provide reduced tax rates on income attributable to patented IP. The Patent Box will […]
Swanson Reed welcomes ‘The Coalition’s Policy to Boost the Competitiveness of Australian Manufacturing’ with its support for a “new approach” to manufacturing and policy improvements to the R&D Tax Incentive. Tony Abbot and the Coalition has placed a completely different emphasis on the importance of increased commercial R&D in Australia than that of the Labor Government. In 2014, the Coalition plans to make changes to the R&D Tax Incentive program, including: A review of businesses over $20 Billion turnover program […]
Australian resource company KBL Mining has advised it is lodging an R&D Tax Incentive claim for the 2011-12 financial year. The claim is for some AUD$12.5 million for R&D activities in process development. For the 2010 and 2011 financial years KBL received an R&D cash rebate of $1.1 million. Eligibility for the rebate is subject to the Company meeting all relevant taxation eligibility criteria for obtaining a refundable tax offset and the claim may be reviewed by either the Australian Taxation […]