Airtasker has previously been associated with the “compliance crackdown” on R&D Tax Incentive claims, particularly for software, after reports emerged in December 2018 that the company’s prior year claims were being disputed following ATO review. Airtasker’s dispute came around the time of other reported R&D tax disputes whereby companies such as CBA and Newcrest made disclosure of reduction to previously lodged self assessed R&D claims. Airtasker has subsequently completed a successful IPO, and an update was announced to the ASX […]
The Australian Government first announced that it will introduce a patent box for eligible income associated with new patents in the medical and biotechnology sectors in the May 2021 federal budget. The legislation to enact this was introduced to the lower house in February, but with very few Senate sitting days left before the federal election it may not be passed in time. The Tax Concession for Australian Medical Innovations Bill 2022 introduces a patent box scheme that would see […]
The Senate Economics Committee has this week released its report of inquiry into the Australian manufacturing industry. The terms of reference of the inquiry included review of the role that government can play in assisting domestic manufacturing industry, with regard to research and development and other factors. Notable statistics from the report include: Australian investment in R&D has declined over the last 20 years and is well below the OECD average. Relative to Australia’s GDP, R&D expenditure is around 1.8 […]
A federal election is due to occur by May 2022. Thankfully, after years of instability and uncertainty, it is not expected that the R&D Tax Incentive will be impacted by the upcoming election campaign (in the short term at least). This is the case, since recent legislative amendments to the R&D Tax Incentive have only recently commenced after the October 2020 bi-partisan enactment, and it would be unlikely for further change to happen so soon. Both major political parties have […]