August, 2019

Tax Commissioner Comments On R&D Tax Incentive Compliance Difficulties

August 29th, 2019

During a presentation to the Council of Small Business Organisations of Australia National Small Business Summit, tax commissioner Chris Jordan has commented that there is a structural problem with the operation of the R&D Tax Incentive, particularly surrounding the self assessment regime whereby the ATO may undertake reviews following a previous registration of R&D Activities and receipt of funds. In comments published by the Sydney Morning Herald, Chris Jordan was critical of the R&D “industry” that has emerged in professional […]

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Ombudsman To Deliver Findings On Investigation Into R&D Tax Compliance Reviews

August 28th, 2019

The Australian Small Business and Family Enterprise Ombudsman have announced that they will deliver the findings of an investigation into the processes for compliance reviews of companies registering activities under the R&D Tax Incentive (read article here). The announcement has noted that certainty of eligibility is essential if the R&D Tax Incentive is to fulfill the purpose of the legislation, which is to incentivise small businesses to invest in R&D. The need for this investigation highlights that R&D claims continue […]

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OECD Figures show Australian R&D Investment Declining Against Peers

August 27th, 2019

A report published by The Sydney Morning Herald has detailed how Australia has fallen from 114 to 107 in 2017-18, according to an OECD index of R&D investment by government. The index, measured through purchasing power parity, is expected to drop again if/when a proposed 2019 budget cut to the R&D Tax Incentive of $1.3 billion comes into effect; The reports of decline come amidst: federal treasurer Josh Frydenberg calling upon business to increase their investment in Australia as a […]

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Monadelphous recognises $7 Million provision for disputed R&D Tax Claims

August 21st, 2019

Engineering contractor Monadelphous has released its FY19 annual report this week, and within recognised a $7 Million provision relating to repayment of R&D Claims for the FY15 and FY16 periods. The provision would indicate that the underlying disputed R&D Activities may have R&D Expenditure of around $70 to $80 Million. Monadelphous had previously reported to the ASX in May 2019 that the company had received notices of amended assessments from the ATO relating to findings by Innovation Australia that R&D Activities […]

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