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Cosmetic brand Cellmid Limited has received an $808,000 research and development grant
November 1st, 2018The functional cosmetics brand, Cellmid Limited has received an $808,000 research and development grant under the tax incentive scheme from the Australian Taxation Office. Cellmid is an Australian life sciences accelerator with lead programs in multiple disease indications. The company holds the largest and most comprehensive portfolio of intellectual property relating to the novel targets midkine (MK) and FGF5, which are growth promoting protein supplements and products. After Cellmid generated $5.64 million in revenue for FY18 and continues to rapidly […]
R&D Tax Incentive Legislation Update – 2019 Financial Year
September 25th, 2018Last week, the Government introduced changes to the R&D Tax Incentive as part of an Omnibus Bill, following an announcement of the changes in May’s Federal Budget. It is uncertain whether the Bill will pass both the lower house of parliament and the Senate. The revisions are proposed to apply for the 2019 Financial Year. View the first reading of the bill here.
Moreton Resources Ltd and Innovation and Science Australia (Taxation) [2018] AATA 3378 (10 September 2018)
September 18th, 2018Introduction The case Moreton Resources Ltd and Innovation and Science Australia (Taxation) [2018] AATA 3378 refers to a mining company that registered R&D activities for the years 2012, 2013 and 2014. After an examination of the registrations, Innovation and Science Australia (ISA) determined that these activities were ineligible for the R&D Tax Incentive. The company had been subject to a number of adverse compliance reviews under the old R&D Concession, however they continued to claim. Background On 14 May 2015, […]
Moreton Resources’ R&D Activities Affirmed As Ineligible
September 14th, 2018On 12 September 2018, Moreton Resources Ltd announced on the ASX that the Administrative Appeals Tribunal (AAT) recently affirmed a decision by Innovation and Science Australia (ISA) that registered R&D activities were not eligible. This was decided on the basis that underground coal gasification is a known and proven technology and is therefore not considered a research and development activity, as defined by the 1997 Income Tax Assessment Act. The AAT have issued an amended assessment for $9M. Moreton Resources […]
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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 […]
