March, 2020

InnovationAus Reports Proposed Changes to the R&D Tax Incentive are Now Unlikely to Pass

March 30th, 2020

InnovationAus has reported this week that proposed changes to the R&D tax incentive are now unlikely to pass as legislation this year: A reform bill proposing controversial changes to the R&D Tax Incentive for FY20 was being considered by the Senate prior to the onset of the Covid-19 situation. This bill is a slightly modified version of a previous reform bill (Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018), which did not pass through […]

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COVID-19 and the R&D Tax Registration Deadline for YE 30 June 2019 (AusIndustry Announcement)

March 24th, 2020

Our thoughts are with all who are directly impacted by the Coronavirus crisis, and we remain optimistic that the resolve of Australians will prevail. Swanson Reed has taken measures to protect our staff and clients, and will be fully functional throughout this crisis to support the needs of our stakeholders The deadline for R&D Applications is specified in the INDUSTRY RESEARCH AND DEVELOPMENT ACT 1986 as 10 months after the end of an income year. The statutory deadline for companies to register […]

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Coronavirus Information and Support for Business

March 20th, 2020

The government has, over recent weeks, announced a wide variety of stimulus measures to assist business cope with the Coronavirus situation. The stimulus offered is from multiple levels of government and for multiple purposes. A summary of the measures is available here: https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business 

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Real Energy Corporation Limited provides update on the status of Innovation Australia R&D Dispute

March 16th, 2020

Within its recently released half yearly report, Real Energy Corporation Limited (ASX: RLE) has provided an update on the status of the company’s dispute with AusIndustry/ISA over eligibility of its R&D Activities; The company had previously received an adverse finding for the company’s R&D Tax Registrations during the FY14, FY15 and FY16 periods, with corresponding tax offsets in dispute totalling around $7.2M. Further potential unpaid R&D Tax offsets of around $6.5M are at stake for the FY17 to FY19 periods […]

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