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November, 2013

Ozone Manufacturing vs Commissioner of Taxation: Lessons in good record-keeping [2013] AATA 420

November 19th, 2013

In the case of Ozone Manufacturing Pty Ltd v Commissioner of Taxation, the Administrative Appeals Tribunal has affirmed the Commissioner’s decision to refuse a taxpayer’s claim for a tax offset under s 73I ITAA 1936 for the 2001-2002 tax offset year. Background In 2002, the company registered its R&D activities with”AusIndustry. In its 2001-02 tax return, the taxpayer included an election to claim an R&D tax offset of $388,601. Following a tax audit, the Commissioner issued a notice under s 73IA of […]

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R&D tax incentive legislation :Exception for large businesses

November 15th, 2013

A new R&D tax incentive legislation of the Income Tax Assessment Act 1997,  section s355-103, will provide an exception for large business in claiming R&D tax incentive benefits. The new section will be back dated to 1 July 2013, and as of late yesterday afternoon been moved to a second reading in the lower house.   The Tax Laws Amendment (Research and Development) Bill 2013 contains the following parts: 355-103   Exception for large businesses 1)      Despite section 355-100, an * R&D entity is not entitled under […]

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R&D tax $20 billion turnover

November 6th, 2013

As part of the Government’s ongoing commitment to restore simplicity and fairness to the Australian tax system, today, Treasurer Joe Hockey announced the re-tabling of many bills that were introduced by the previous parliament. Of the 92 unlegislated tax and superannuation changes, the Government will proceed with 18 initiatives, including a bill that will deny access to the R&D tax $20 billion turnover companies.  The Government has announced that this measure alone will raise $1 billion in revenue. The Government intends […]

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Local Biotech firm recieves $8.8 million R&D tax offset

November 4th, 2013

Alchemia (ASX:ACL) has received an additional $8.8 million rebate as part of the R&D Tax Incentive Scheme. The new rebate for FY13 brings the total funds Alchemia has received under the R&D incentive scheme over the last 12 months to over $13 million. In December, Alchemia won approval from AusIndustry to apply for incentive credits for non-Australian R&D conducted by business unit Alchemia Oncology. In a filing, the company said its FY13 rebate includes claims from both overseas and domestic R&D, […]

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