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Australia’s Attractiveness for Clinical Trials
March 6th, 2019To bring a new drug to market, an average of 12 years and $1.7 billion (US) in R&D spending is required. Yet only 1 in 5,000 drugs that begin preclinical testing make it to the market. This has led to a disproportionate number of drugs being developed for rare diseases (affecting less than 200,000 in the US at any given time) due to a 25.3% success rate versus 3.4% for oncology. Many argue this is unsustainable and there is pressure […]
New AusIndustry Guidance Released on Software Development
February 21st, 2019AusIndustry have released two additional guidance documents particularly relevant to claimants conducting software development R&D activities: Software activities and the R&D Tax Incentive; Guide to Common Errors; This guidance has been released following earlier material from AusIndustry indicating concerns over inappropriate claims for Software Activities, and reports in the media of large software development R&D claims being found to be ineligible during review. The general principles within this new guidance remains consistent, in that claimants must demonstrate how their software is […]
Economics Legislation Committee Recommends Deferral of Proposed Changes to R&D
February 11th, 2019The Senate Economics Legislation Committee has today handed down their recommendation on proposed changes to the R&D Tax Incentive, which have followed recent consultations with the industry. The committee, which is made up of members from varying sides of politics, has recommended the Senate “defer consideration” of the bill until “further examination and analysis of the impact is undertaken”. Given that there are only a limited number of parliamentary sitting days until the next federal election, this outcome means the […]
Senate Economics Committee Review Into Proposed R&D Tax Incentive Changes
January 31st, 2019The Senate Economics Legislation Committee conducted a public hearing in Melbourne on 30 January which heard submissions from various stakeholders including: Cochlear Ltd; Brickworks Ltd; CSL; Dulux Group; The AFR has reported that representatives from these groups have consistently argued that continual change to R&D Tax Incentive introduces uncertainty and reduces Australia’s relative attractiveness as an investment location. In fact, R&D spending in Australia has fallen by over $2 billion since 2013-14. The proposed intensity threshold for companies with annual turnover […]
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Daniel McGregor2022-08-11I have been using Swanson Reed for my clients for more than a decade. Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients. Highly recommended.
John2022-06-15Damian and the rest of the team at Swanson Reed have been supporting us for several years. We always appreciate their insights, expertise, and efforts.
Rueben Rajasingam2022-06-06Experienced responsive Team. They have been a great help to me and my company navigate the R&D tax claim process and have provided invaluable advice.
Enrique Esquivel2022-06-06Damian and the team at Swanson Reed have been extremely helpfully and professional during all of our consultations. Highly recommended.
Jess at Y&C2022-06-03
Anatole Kononewsky2022-06-02The Swanson Reed team have provided our company with exceptional professional advice and assistance for all of our R&D claims for many years - have always achieved great results with excellent value for their services.
Payam Toloo2022-06-02Damian Smyth and his team are very helpful, supportive and experts in their field of R&D Tax claims. I'm always happy with the work they do and been a customer of their for over 5 years.
Melissa Doddy2022-05-31The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end. Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.
Gary Watson2022-05-31We can highly recommend Swanson and Reed as an R & D accountant. We have worked with them for several years now as they make our R & D claim so easy and communicate quickly with both us and our accountant.
Rob van den Bergh2022-05-31Always professional.
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Daniel McGregor2022-08-11I have been using Swanson Reed for my clients for more than a decade. Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients. Highly recommended.John2022-06-15Damian and the rest of the team at Swanson Reed have been supporting us for several years. We always appreciate their insights, expertise, and efforts.Rueben Rajasingam2022-06-06Experienced responsive Team. They have been a great help to me and my company navigate the R&D tax claim process and have provided invaluable advice.Enrique Esquivel2022-06-06Damian and the team at Swanson Reed have been extremely helpfully and professional during all of our consultations. Highly recommended.Jess at Y&C2022-06-03Anatole Kononewsky2022-06-02The Swanson Reed team have provided our company with exceptional professional advice and assistance for all of our R&D claims for many years - have always achieved great results with excellent value for their services.Payam Toloo2022-06-02Damian Smyth and his team are very helpful, supportive and experts in their field of R&D Tax claims. I'm always happy with the work they do and been a customer of their for over 5 years.Melissa Doddy2022-05-31The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end. Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.Gary Watson2022-05-31We can highly recommend Swanson and Reed as an R & D accountant. We have worked with them for several years now as they make our R & D claim so easy and communicate quickly with both us and our accountant.Rob van den Bergh2022-05-31Always professional.
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News & Research
News & Research
News & Research30 April Statutory Deadline for FY23 R&D Claims – One Week to Go
There is one week to go until the deadline for FY23 R&D Registrations. Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2023 (companies that have a Standard YE for tax) who are yet to do […]
The matter concerns an individual charged by the Commonwealth DPP for attempting to unlawfully obtain a refund under the R&D Tax Incentive. Before being charged, the taxpayer was compulsorily examined by the ATO. The individual had applied to stay the […]
