April, 2013

Another R&D Boost for Australian Mining

April 26th, 2013

Perth based copper-gold explorer, Empire Resources Ltd has received an R&D Tax offset payment totalling AUD $498,631. The Government support breaks down to an R&D Tax offset payment for the metallurgical and processing techniques used by the company to evaluate and advance the high grade A Zone deposit at its wholly-owned Yuinmery copper-gold project. Managing Director, Mr David Sargeant said “The scale of the payment is also such that it provides a substantial financial injection into Empire, rewarding shareholders’ faith […]

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Hadrian Fraval Nominees Pty Ltd and FCT [2013] AATA 127

April 22nd, 2013

The Australian Taxation Office (ATO) recently drew specific attention to the case of Hadrian Fraval Nominees Pty Ltd v Commissioner of Taxation in its Large Business Bulletin released in September 2013. Facts The Tribunal affirmed the Commissioner’s decision that Hadrian Fraval Nominees Pty Ltd (HFN) was not entitled to claim the R&D Tax Concession for the 2004 year, and in the 2005 year HFN was entitled to an amount significantly less than was claimed.  As a result, the AAT imposed penalties at the […]

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Are You Prepared for an AusIndustry Audit?

April 19th, 2013

Receiving an AusIndustry ‘Request for Further Information’ (or RFI) can be a daunting thing. The important thing to remember that all companies at some point in time will be monitored through the AusIndustry Compliance Continuum. The RFI is just one of the way’s for AusIndustry gather information for this purpose, so there is no need to panic. As the R&D Tax Incentive is a self-assessed claim, AusIndustry issues RFIs to ensure that all companies claiming the incentive remain accountable for […]

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New Quarterly R&D Tax Credits for cash-strapped SMEs released

April 17th, 2013

From 1 January 2014, the R&D quarterly credits regime will be a new option for small cash-strapped companies wishing to claim under the R&D tax incentive. On Monday, Treasury released its proposed workings of the regime. It will allow companies eligible for the R&D refundable tax offset to obtain the benefit of the offset on a quarterly basis during an income year, rather than waiting until an income tax return is assessed.   Are you eligible for quarterly credits? To qualify for […]

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