Major Australian travel agency Flight Centre Ltd released its annual report this week. The report sees the company return to generating profit and paying dividends after a period of crisis during the pandemic. What some people may not realise is Flight Centre is largely a technology-driven business. The company has a large Software development expenditure annually, noting that: Software Intangible asset additions during FY23 exceeded $70M per the intangible asset note in the financial report; In addition, Research costs associated […]
As reported in the Media and in Notices published in ASIC earlier in the month, BourkeHood Pty Ltd has entered administration with KordaMentha having been appointed. This development may impact some companies seeking to lodge claims early in the new financial year to facilitate receipt of Refundable R&D Tax Offsets for FY23. For impacted companies, we recommend that you refer to the websites of the programme regulators (AusIndustry and ATO) to familiarise yourself with the programme requirements. For companies whose activities are eligible and documented […]
This week, the Business Council of Australia (BCA) released a report titled “Seizing the Moment“which proposes a plan to reverse the nation’s productivity slump and drive competitiveness. The report warns that Australia can’t just keep relying on good luck to create economic success. The BCA highlights that if Australia wants sustained wage growth and to maintain full employment, we need a reinvigorated economic growth agenda driven by large-scale investment, higher productivity, and greater innovation. The R&D Tax Incentive is also […]
In response to the recent scandals in the tax profession, the Government has proposed to increase maximum fines on firms engaged in tax exploitation scheme by around 100 times. The move would see firms face fines of up to $780m for exploiting tax loopholes, and other changes made to regulators’ powers. The promoter penalty laws are concerned with arrangements that avoid or evade tax, and where the benefit claimed isn’t available under the tax laws. They are collectively referred to […]