In the October 2020 budget, the Government introduced augmented stimulus measures to encourage investment and allow eligible businesses to claim an immediate deduction for the cost of an asset in the year the asset is first incurred. This included measures for Temporary Full Expensing of assets that an entity first acquires/installs between 7:30pm AEDT on 6 October 2020 (the 2020 Budget time) and 30 June 2022. Subject to certain conditions around how an asset was acquired, held and first used, these […]
The freshly appointed Minister for Industry and Science, Ed Husic, recently held a press conference with Chief Scientist, Dr Cathy Foley, regarding the National Science and Research Priorities and the proposed National Reconstruction Fund, which the Labor Government are seeking to pass through the parliament. During this conference Ed Husic was quoted as stating: The amount that we invest in R&D in this country relative to the OECD, we have about 1.8 per cent relative to GDP investment in R&D […]
Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2022 (companies that have a standard YE for tax) who are yet to do so should note that the standard Registration Deadline is 10 Months after YE, and 30 APRIL 2023. The blanket and automatic extensions granted during COVID do NOT apply any longer or for FY22 claims. Ausindustry has recently announced that due to interaction of weekends and public holidays with the day of the standard Registration Deadline, for the FY22 […]
CSL is one of Australia’s greatest business and technical success stories and its shares have provided one of the best returns on the ASX among listed companies over the past decade. CSL has also been a very strong advocate of the R&D Tax Incentive and lobbied for maintenance of a strong and stable incentive to encourage local investment in R&D. In an article published in The Australian Financial Review, Paul Perreault, the CEO of CSL, says a bipartisan approach is needed to innovation […]