May 2023 will mark the Labor government’s third budget in this term. Industry Minister Ed Husic has not seemed to make any significant comments about the R&D Tax Incentive programme this year, and announcements so far have included: A “Health Research for a Future Made in Australia” package which has a total investment of $1.89 billion; Boosts for skills and training; Investments in quantum computing; Rollout of The national reconstruction fund; The last R&D Tax Specific announcement, seemed to […]
The Tax Practitioners Board (“TPB”) has recently taken steps to reinforce the laws surrounding registered tax agents and BAS advisors in understanding breach reporting obligations. This move comes in response to a series of controversies within the industry. Significant changes are set to commence from 1 July 2024, which includes new obligations for tax practitioners to report ‘significant breaches’ of the Code of Professional Conduct (Code) in the TASA relating to their own conduct, and conduct by other registered tax practitioners. Draft guidance […]
ATO decision impact statements (DIS) are documents which seek to advise the community of the ATO’s view on the implications of a particular court or tribunal decision. The statement provides information for taxpayers and advisers. The AAT decision of GQHC and Commissioner of Taxation (Taxation) [2024] AATA 409 was handed down in February 2024 and the ATO decision impact statement was published in April 2024. The matter is complex, and broadly involves whether the ATO may have the power to deny […]
There is one week to go until the deadline for FY23 R&D Registrations. Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2023 (companies that have a Standard YE for tax) who are yet to do so, should note that the Registration Deadline is 10 Months after YE, and 30 APRIL 2024. The blanket and automatic extensions granted during COVID do NOT apply any longer or for FY23 claims. Extensions of time may be available in […]