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January, 2024

ATO Release New Information around Public Disclosure of R&D Claims

January 29th, 2024

The Australian Taxation Office (ATO) has in recent months published information around publication of Research and Development (R&D) expenditure claimant information. An additional update was provided by the ATO in late January 2024 which notes: The annual Research and Development tax transparency reporting will publish information about R&D claims; Each year, the ATO will publish: the required information on data.gov.au; the ATO’s contextual analysis – the R&D tax transparency report – on the ATO website. The information the ATO will publish […]

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AusIndustry Produced Video: Walk-through of the Customer Portal

January 23rd, 2024

Ausindustry have published a new video this month which has been promoted on the ATO and AusIndustry websites. The video provides information on how to register R&D activities, and includes a step-by-step through the registration process. It’s designed to make using the portal easier, faster and more efficient. The video uses software-specific examples. AusIndustry has recommend viewing this video well before registration deadlines (which is approaching for FY23 June Year End companies), especially if registering for the first time. Australian […]

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New AAT Case Finds Development of Shoe to Suit Professional Basketball Player NOT Eligible Under the R&D Tax Incentive

January 15th, 2024

A new AAT decision handed down in December 2023 (Active Sports Management Pty Ltd and Industry Innovation and Science Australia) has found that activities in respect of development of a customised basketball shoe were not eligible under the R&D Tax Incentive. Background points from the case include: Active Sports Management Pty Ltd, the applicant, carries out a business which includes importing and selling sports apparel, footwear, accessories, hoodies, and tracksuits, among other things. It also designs and develops products for the […]

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December 2023 MYEFO indicates cost of R&D Tax Incentive is growing

January 9th, 2024

The 2023‑24 Mid‑Year Economic and Fiscal Outlook (MYEFO) was released by the Government in December 2023. New estimates within MYEFO show the R&D Tax Incentive (‘RDTI’) is expected to cost an extra $2.1 billion over the next four years, including an additional $432 million in FY22-23. According to the report, the increase is being driven primarily by claims arising from biomedicine, artificial intelligence, and machine learning activities. It’s part of a growing trend: software claims accounted for 30% of RDTI […]

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