Swanson Reed News

ATO Indicate Returns Lodged On or After 17 December 2021 are Less Likely to be Finalised Before Christmas Closure

December 13th, 2021

The ATO have announced it will close for Christmas at midday Friday, 24 December 2021 and reopen on Tuesday, 4 January 2022. The ATO have also noted in a statement quoted on AccountantsDaily that returns or activity statements lodged on or after 17 December 2021 are less likely to be finalized before the closure. Companies planning forthcoming lodgment of tax returns and R&D Schedules around this time should take note of this information if they are planning cashflows arising from receipt of Refundable R&D […]

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$280M Funding Announced for Round 2 of the Modern Manufacturing Initiative

December 9th, 2021

The Government has today announced $280 million in funding available through Round 2 of the Integration and Translation Streams of the $1.3 billion Modern Manufacturing Initiative (MMI).    Applications will soon open for businesses in the six National Manufacturing Priority Areas: Space; Medical Products; Resources Technology and Critical Minerals Processing; Food and Beverage; Recycling and Clean Energy and  Defence.  Applications will open in two tranches, starting 13 December 2021. Read our blog about the different opportunities for funding in R&D […]

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Australian National Audit Office Report Recommendations from Review of R&D Tax Incentive’s Administration

November 30th, 2021

The Australian National Audit Office (ANAO)’s purpose is to support accountability and transparency in the Australian Government sector through independent reporting to the Parliament, and thereby contribute to improved public sector performance. Changes to the R&D Tax Incentive administration announced by the Government in the May 2018 budget included: additional funding for improved guidance and litigation; enhanced compliance activities; and ICT system improvements. As reported earlier in 2021, the ANAO has undertaken a review of the administration of the R&D Tax […]

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New AAT case affirms structure where business operating as a trust and notionally invoicing R&D costs to associate company is NOT valid

November 26th, 2021

An AAT Case in November 2021 (XQDX v FC of T)  has affirmed that a structure where a business operating as a trust and notionally invoicing R&D costs to associate company is NOT valid for the purposes of the R&D Tax Incentive. The facts were broadly as follows: The Applicant (a company and the claimed R&D Entity) was incorporated in July 2007; The claimed R&D Entity was also the trustee of a trust. A business was conducted through the trust […]

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Alex Chisholm
Principal, Melbourne
Tom Parkhouse
Principal, Sydney
Andy Nguyen
Principal, Brisbane
Holly Parkinson
Manager, Adelaide
David Greatwich
Principal, Perth
Krishna Gungaram
Manager, Hobart

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