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October, 2024

Changes to AAT

October 28th, 2024

The Administrative Appeals Tribunal (AAT) was originally established in 1976 and provides independent merits review of a wide range of administrative decisions made under the laws of the Commonwealth of Australia. The AAT has traditionally been the first course of action for companies seeking to raise tax disputes, offering a relatively lower-cost method compared to higher Courts. Since the introduction of the R&D Tax Incentive for FY12 claims, several R&D matters have been heard by AAT, including: Moreton Resources Ltd […]

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Swanson Reed observations on media and industry reaction to ATO’s required publishing of R&D data under transparency laws

October 21st, 2024

Following the support of both major political parties, the legislation to enact the publication of Research and Development (R&D) expenditure claimant information was passed in 2021. Reforms to the policy and administration of the R&D Tax Incentive (R&DTI) program were within Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020. The first year of claim data to be released under the new transparency measure was FY22 (income years commenced on or after 1 July 2021) and this information was published […]

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Cochlear Comments on Australian R&D Tax and Innovation Policy

October 14th, 2024

A recent article in The Australian has outlined comments from Dig Howitt, CEO of Cochlear, who believes Australia is at a crossroads when it comes to commercialising new innovative products. Howitt noted the country’s current tax regime hinders research and development (R&D), showcasing that Australia needs to enhance its R&D tax incentives to remain globally competitive. Howitt identifies that Australia’s productivity growth has declined steadily over the past decade. With economic growth on a per-capita basis also declining for the past […]

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ATO Release First R&D Tax Incentive Transparency Reporting Data

October 8th, 2024

As now required by law, The Australian Taxation Office (ATO) has released its first annual Research and Development (R&D) tax transparency report on entities claiming the R&D tax offset. The information the ATO published includes: name of the R&D entity claiming the R&D tax incentive and their ABN/ACN; entity’s total expenditure on R&D (known as total notional deductions claimed – label Z in Part A of the R&D tax incentive schedule) less any feedstock adjustments (label B in Part B […]

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