The 2023‑24 Mid‑Year Economic and Fiscal Outlook (MYEFO) was released by the Government in December 2023. New estimates within MYEFO show the R&D Tax Incentive (‘RDTI’) is expected to cost an extra $2.1 billion over the next four years, including an additional $432 million in FY22-23. According to the report, the increase is being driven primarily by claims arising from biomedicine, artificial intelligence, and machine learning activities. It’s part of a growing trend: software claims accounted for 30% of RDTI […]
Over recent months, a number of companies have reported to the ASX receipt of substantial Refundable R&D Tax Offsets. Notable receipts include: Syntara Limited (ASX: SNT) reported a $5.25 million Refundable R&D tax offset related to its clinical development pipeline including PXS-5505 in myelofibrosis project; Neurotech International (ASX: NTI) reported a $3.17 million Refundable R&D tax offset related to its development of treatments for paediatric neurological disorders ClearVue Technologies Limited (ASX:CPV) reported a $0.94 million Refundable R&D tax offset related […]
Various laws determine the manner in which a company’s assets are distributed to employees and creditors in the event of an insolvency event. In a decision handed down by the New South Wales Supreme Court in 2022, the order of priority of payments in a winding up where employee debts and secured creditor claims exist was considered. The matter was Spitfire Corporation Limited (in liquidation) and Aspirio Pty Ltd (in liquidation) [2022] NSWSC 340. The court considered whether Refundable R&D […]
In November 2023, the ATO published information about the Top 500 program. The Top 500 program is one of several programs administered as part of the Tax Avoidance Taskforce. The objective of the Taskforce is to provide the Australian Government and the community with confidence that Australia’s largest public and private groups are paying the correct amount of tax. The Top 500 program model of engagement is designed as an invitation for Top 500 groups to be proactive in demonstrating […]