During a presentation to the Council of Small Business Organisations of Australia National Small Business Summit, tax commissioner Chris Jordan has commented that there is a structural problem with the operation of the R&D Tax Incentive, particularly surrounding the self assessment regime whereby the ATO may undertake reviews following a previous registration of R&D Activities and receipt of funds. In comments published by the Sydney Morning Herald, Chris Jordan was critical of the R&D “industry” that has emerged in professional […]
The AFR has reported that Industry Minister Karen Andrews (whose responsibility includes oversight of the R&D Tax Incentive) recently met with representatives of high profile Australian start ups and parties from venture capital firms. Attendees at the meeting included personnel from Airtasker, who had a previously lodged R&D claim found to be ineligible by regulators, which had been previously highly publicised in the media. Ms Andrews was quoted within the article as: being concerned by the dropping level of business […]
XPED LIMITED has announced to the ASX that the company has received notice from AusIndustry of a finding assessing certain registered activities as ineligible under the requirements of the R&D Tax Incentive for the FY18 period. XPED LIMITED had previously announced in the company’s interim report for the half year ended 31 December 2018 that a Refundable R&D offset of $1,634,607 was received in respect of the Technology Development segment of the business, which is focused on development of Internet […]
An article published in today’s SMH has indicated that the government’s proposed reforms to the R&D Tax Incentive may be back on the agenda. The bill to enact these reforms, the Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018, did not pass through the Senate, and a Senate Economics Legislation Committee recommended that the bill should be deferred from consideration until further analysis of the bill’s impact is undertaken, […]