August, 2022

Productivity Commission Review of Industry Assistance and Upcoming Federal Budget

August 8th, 2022

The Productivity Commission is the Australian Government’s independent research and advisory body on a range of economic, social and environmental issues affecting the welfare of Australians. It states its role is to help governments make better policies, in the long term interest of the Australian community. In early August 2022, The Productivity Commission published its annual review of trade and assistance which it notes is to keep a record of assistance. Some notable extracts from The Productivity Commission annual review relevant […]

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TPB Confirms Assisting With R&D Matters Constitutes a Tax Agent Service

August 5th, 2022

The Tax Practitioners Board (TPB) recently published Exposure Draft TPB Information Sheet TPB(I) D48/2022 What is a tax agent service? The document seeks to provide information regarding the TPB’s position on the application of subsection 90-5 of the Tax Agent Services Act 2009 (TASA), containing the definition of a tax agent service. Advisors that provide tax agent services for a fee or other reward must be registered with the TPB. Being registered with the TPB presents requirements around qualification and experience in tax […]

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UK R&D Tax Incentive Changes to Restrict Costs for Activity Not Physically Conducted in UK

August 2nd, 2022

The UK Government has just published draft legislation that includes signification changes to R&D tax incentives, proposed to take effect from 1 April 2023 (noting typical UK tax periods run 1 April to 31 March). Perhaps one of the biggest proposed changes is the restriction of expenditure for overseas activity: In some cases, before the current changes, the cost of overseas activity could be claimed under the UK system. Changes propose to focus UK R&D tax incentives on UK R&D […]

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