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Proposed Changes To R&D Tax Incentive May Render Many Companies Ineligible
April 16th, 2018In early April, Treasurer Scott Morrison confirmed an overhaul of the R&D Tax Incentive in the May federal budget. He stated that the government was closely examining recommendations from the Australia 2030: Prosperity Through Innovation plan, released by Innovation and Science Australia (ISA) in January. In an interview with the Australian Financial Review, Bill Ferris, Chair of Innovation and Science Australia, stated that he sees R&D tax refunds for smaller companies as more beneficial than those for larger companies. The […]
Diversifying Board Members Could Be Key To Innovation
April 16th, 2018Innovation requires teamwork and multiple perspectives. Individuals cannot solve every challenge alone. Therefore, innovation is more probable if the entire company is encouraged to generate ideas. Generally, a greater variety of ideas will result from teams with a greater variety of backgrounds and skills. Chair of Innovation and Science Australia, Bill Ferris, believes that diversity on company Boards is essential to increasing innovation. He suggests that Directors be appointed who are technical experts, younger or from diverse backgrounds. For many […]
Possible changes to $3 billion R&D tax incentive budget
April 5th, 2018The Australian Financial Review have today released an article in relation to the $3 billion R&D tax incentive budget. During comments at the AFR wealth summit, Treasurer Scott Morrison indicated changes to the R&D tax incentive may be forthcoming in the upcoming May budget. The Government may choose to adopt the recommendations from the ISA report, one of which recommends bigger businesses being required to meet a 1 per cent intensity threshold before being eligible to claim non-refundable offsets. Mr […]
QLD Company fined over $4 million due to incorrect R&D tax claims
March 26th, 2018Advisors and Business owners are being warned! A Queensland business has been fined over $4 million for encouraging clients to lodge overstated or ineligible R&D tax incentive claims. On Tuesday 20 March the Australian Taxation Office confirmed the fine had been secured in the Federal Court against a company and its director for breaching promoter penalty laws relating to financial services. The company has allegedly been involved in 10 schemes leading to eight business clients receiving more than $3 million […]
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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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News & Research
News & Research
News & ResearchThe 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 […]
2023 Annual Report for IISA: Update on R&D Tax Legal matters and litigation
Industry Innovation and Science Australia (IISA) is the government department responsible for determining whether companies’ activities meet the legislative criteria eligible under the R&D Tax Incentive. The 2022-23 Annual Report for IISA was recently released, and a section of the […]
