AusIndustry have announced that they will be hosting a webinar on Wednesday, 27 March, where subject matter experts will answer questions related to R&D Claims for software development, including: eligibility requirements; activity descriptions; and record keeping. Registration information is available on the AusIndustry website. Please get in touch with our office if you require assistance, would like to speak to someone about a potential claim, or check out our website for more information.
A new AAT case dated 16 February 2024 (GQHC and Commissioner of Taxation (Taxation) [2024] AATA 409), considered a situation where the ATO determined a company had not engaged in eligible R&D activities, but where no findings had been made by AusIndustry, who usually has jurisdiction over activity assessment. The matter considered jurisdiction issues of: whether the Commissioner has the power to assess or make decisions as to whether a company’s registered activities consist of eligible “R&D activities” as defined […]
Australia’s R&D Tax Incentive program is designed to encourage innovation by providing tax refunds to eligible companies based on their R&D spending. However, companies face a refund cliff if their revenue exceeds the legislated turnover threshold. A company’s rate of R&D tax offset and whether it is refundable or not depends primarily on the R&D entity’s aggregated turnover: If an entity’s aggregated turnover is less than $20 million and it is not controlled by any exempt entities, then the company […]
Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2023 (companies that have a Standard YE for tax) who are yet to do so should note that the Registration Deadline is 10 Months after YE, and 30 APRIL 2024. The blanket and automatic extensions granted during COVID do NOT apply any longer or for FY23 claims. Extensions of time may be available in certain situations, and extension applications lodged BEFORE the original deadline are viewed much more favorably. However, recent […]