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Government Discussion Paper and Consultation on Patent Box for Medical and Biotechnology Sectors
July 19th, 2021In the May federal budget, the Australian Government announced that it will introduce a patent box for eligible income associated with new patents in the medical and biotechnology sectors. The patent box will apply to companies for income years commencing on or after 1 July 2022, and for new Australian patents since budget night. The aim of such a policy is to encourage companies to base their medical and biotechnology R&D activity in Australia and to retain associated patent […]
Board of Taxation Review to Evaluate the Dual-Agency Administration Model for the Research and Development Tax Incentive
July 12th, 2021Australia’s R&D tax incentive program is dually administered by two government agencies: AusIndustry (on behalf of Industry Innovation and Science Australia): registers R&D activities disclosed in applications lodged with the agency. AusIndustry has authority to make findings on eligibility of activities. The Australian Taxation Office (ATO): administers R&D tax offset entitlements disclosed in company income tax returns lodged with the agency. The ATO reviews compliance matters such as substantiation of expenditure and structural tax issues such as on whose behalf […]
FY21 R&D Registrations Now Open
July 5th, 2021Companies 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 […]
ATO Release New Draft Tax Ruling TR 2021/D3 (R&D Tax Offsets: The At Risk Rule)
June 28th, 2021Under 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 […]
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News & ResearchSwanson Reed: Registered Tax Agent obligations and keeping clients informed
SR Tax Services Pty Ltd (trading as Swanson Reed) is a registered tax agent (Registration number 03718008). The Tax Practitioners Board (TPB) is the authority responsible for regulating Australia’s tax agents. The Government package of reforms to strengthen […]
Robyn Denholm comments on R&D Spending Gap
In recent comments published by The Australian, Robyn Denholm, the Australian-based Tesla chair, has expressed concerns over slowing business investment in Australia, noting that “Australia is not living up to its full potential” in terms of investment and R&D She […]
