August, 2014

Greens to back R&D

August 29th, 2014

Large businesses have a new friend in the Greens who are set to block the Abbot government’s plan to slash R&D tax breaks by $1.1 billion. The unlikely allies have made nice in the face of the potential loss of millions of dollars to Australian businesses. The ALP have also jumped on the band wagon in support of the Greens, who are lobbying minor party senators to oppose the savings measure. Labor’s amendment would allow small to medium businesses to […]

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Green’s resurrect quarterly credits system

August 27th, 2014

This morning, in a bold move to resurrect the quarterly credits concept, the Leader of the Greens, Christine Milne moved amendments in the Senate to the Tax Laws Amendment (Research and Development) Bill 2013.  As part of this move, the Greens will also aim to strike out Government plans to cut R&D incentives for large companies. It is important to note that the original Tax Laws Amendment (2013 Measures No. 4) Bill 2013 established a scheme for making refundable tax offsets available in […]

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Swanson Reed Risk Management

August 22nd, 2014

Swanson Reed understands security, tax risk management and audit control are critical to the success of your company’s research and development. At Swanson Reed pride ourselves in providing quality service with minimal risk to ensure your business receives the highest levels of quality assurance. Swanson Reed is certified to the International Organization for Standardization (ISO) 31000:2009 Risk Management Standard. As a result of this certification, you can be assured every claim prepared by Swanson Reed and our advisory services have undergone […]

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ATO ID 2010/74 Income Tax R&D tax concession: meaning of ‘primarily’ in paragraph 73B(14C)(c) of the Income Tax Assessment Act 1936

August 20th, 2014

Can the requirement in paragraph 73B(14C)(c) of the Income Tax Assessment Act 1936 ( ITAA 1936), that activities need to be carried on ‘wholly or primarily on behalf of the foreign company’ be met, where the relevant activities are not carried out by the eligible company solely on behalf of the foreign company? Yes. The requirement in paragraph 73B(14C)(c) of the ITAA 1936 can be met if the R&D activities are carried on chiefly or mainly on behalf of the foreign company. […]

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