June, 2021

ATO Release New Draft Tax Ruling TR 2021/D3 (R&D Tax Offsets: The At Risk Rule)

June 28th, 2021

Under SECT 355.405 ITAA97, an entity cannot claim R&D expenditure in situations where: (a) when an entity incurs R&D expenditure, consideration had been received, or was reasonably expected to be received: as a direct or indirect result of the expenditure being incurred; and regardless of the results of the activities on which the expenditure is incurred; and (b) that consideration is equal to or greater than the expenditure. The spirit of this provision is to ensure companies only receive a […]

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Swanson Reed on TWISTA (This Week in Startups Australia) Podcast with Mark Pesce

June 25th, 2021

Swanson Reed has appeared on this week’s episode of the TWISTA (This Week in Startups Australia) Podcast with Mark Pesce. Topics covered include key documentation requirements for claimants of the R&D Tax Incentive and important planning measures leading up to 30 June. TWISTA is an Australian-focused podcast series seeking to help startups thrive, with interviews and advice from the leading founders, investors, and thinkers in Australia’s tech startup community. TWISTA is available through the Apple Podcasts platform.

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Northern Minerals Ltd Receives $8.7M FY20 R&D Tax Refund Following Resolution of Prior Year Disputes

June 21st, 2021

Northern Minerals Ltd was one of the most high profile R&D tax disputes reported at the height of the R&D tax incentive compliance “crackdown” period. The company reported a significant liability in respect of regulators seeking repayment of disputed R&D tax offsets; It was subsequently reported in August 2020 that the company had settled the dispute with the ATO relating to claims in the FY17 and FY18 periods, along with an agreed framework for claims in the FY19 and FY20 […]

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Process for Setting Up MyGovID and Authorisation for New AusIndustry R&D Tax Portal

June 14th, 2021

AusIndustry have changed their reporting processes whereby they are mandating the use of a new online form for FY21 onwards. As part of this, directors of companies must set up a myGovID account (or use an existing myGovID), then link their personal myGovID to their R&D-registering company, then link to the R&D tax advisor preparing the application. Instructions for this process to link Swanson Reed to your company are as follows: Step 1: be in front of your computer with a […]

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