Companies are now able to register R&D activities with AusIndustry for the year ended 30 June 2021 (FY21). For the FY21 period, the application process is now administered through the new online customer portal which has presented a number of changes over the previous processes, including: The need for the company director to have established a MyGovID account linked to the R&D entity and their R&D tax agent; New questions and reporting fields in the R&D application, including: Details of […]
Under SECT 355.405 ITAA97, an entity cannot claim R&D expenditure in situations where: (a) when an entity incurs R&D expenditure, consideration had been received, or was reasonably expected to be received: as a direct or indirect result of the expenditure being incurred; and regardless of the results of the activities on which the expenditure is incurred; and (b) that consideration is equal to or greater than the expenditure. The spirit of this provision is to ensure companies only receive a […]
Swanson Reed has appeared on this week’s episode of the TWISTA (This Week in Startups Australia) Podcast with Mark Pesce. Topics covered include key documentation requirements for claimants of the R&D Tax Incentive and important planning measures leading up to 30 June. TWISTA is an Australian-focused podcast series seeking to help startups thrive, with interviews and advice from the leading founders, investors, and thinkers in Australia’s tech startup community. TWISTA is available through the Apple Podcasts platform.
Northern Minerals Ltd was one of the most high profile R&D tax disputes reported at the height of the R&D tax incentive compliance “crackdown” period. The company reported a significant liability in respect of regulators seeking repayment of disputed R&D tax offsets; It was subsequently reported in August 2020 that the company had settled the dispute with the ATO relating to claims in the FY17 and FY18 periods, along with an agreed framework for claims in the FY19 and FY20 […]