The AFR has reported this week that leading technology companies (including Atlassian, Airtasker, Canva and Deputy, among others) have sent a letter to commissioner of taxation, Chris Jordan. The letter reportedly includes an offer to convene a workshop with the ATO to “improve the understanding of software innovation in the tax office and, conversely, address any concerns the ATO has about software related claims”. This letter follows concerns around the eligibility of software development Activity under the R&D Tax Incentive […]
In September 2019, the Senate resolved to establish a Select Committee on Financial Technology and Regulatory Technology to inquire on a range of matters including “the effectiveness of current initiatives in promoting a positive environment for FinTech and RegTech start-ups”. This committee signifies that the government considers Fintech to be an industry of strategic importance. As part of the inquiry, the Committee has taken submissions, and a number of key stakeholders have raised the R&D Tax Incentive, which is obviously […]
One of the most high profile R&D Tax disputes has been that of engineering contractor Monadelphous. In August 2019 Monadelphous recognised a $7 Million provision relating to repayment of R&D Claims for the FY15 and FY16 periods. The provision indicated that the underlying disputed R&D Activities may have R&D Expenditure of around $70 to $80 Million, and followed a previous announcement in May 2019 that the company had received notices of amended assessments from the ATO relating to findings by […]
AusBiotech’s virtual showcase during JP Morgan week in January 2021 will seek to highlight the advantages of partnering with Australian life science companies and utilising the R&D Tax Incentive. Australia has become an attractive location for the conduct of clinical trials in recent years, based on local capability and infrastructure offering companies the ability to attain high-quality clinical data. Australia’s 43.5% Refundable R&D Tax Offset has further made the country an attractive destination for the conduct of clinical research. Ausbiotech’s […]