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December, 2024
December 2024 MYEFO Announces Exclusion for Gambling and Tobacco Companies under the R&D Tax Incentive
December 18th, 2024The 2024‑25 Mid‑Year Economic and Fiscal Outlook (MYEFO) was released by the Government on 18 December 2024. In what is a new approach to Australian Government R&D Tax Policy changes, a restriction is being applied to specific sectors. The budget papers note: The Government will exclude activities related to gambling and tobacco from Research and Development Tax Incentive eligibility for income years starting on or after 1 July 2025. Research and development activities related to gambling can exacerbate addiction […]
Federal court matter (December 2024) declares that respondent was a promoter of a tax exploitation scheme to secure R&D Tax Offset.
December 16th, 2024A federal court case with judgement dated 16 December 2024 (with The Commissioner of Taxation as the Applicant and a number of parties as Respondents) has declared that respondents were promoters of tax exploitation schemes to secure R&D tax offsets pursuant to Division 355 of the Income Tax Assessment Act 1997 (Cth) for a number of companies. Very large penalties have been levied in the case and the liquidations of two entities listed as respondents were noted in the judgement as being on hold pending the outcome of […]
New ATO Taxpayer Alert (TA 2024/1) for Early Stage Investor Tax Offset Claimed using Circular Financing Arrangements
December 16th, 2024On 10 December 2024 the ATO released TA 2024/1: Early stage investor tax offset claimed using circular financing arrangements. The alert notes that: The ATO are currently reviewing cases where individuals have claimed the early stage investor tax offset on shares acquired through tailored financing arrangements. These arrangements appear designed to artificially meet the conditions for claiming the maximum tax offset, allowing individuals to benefit with minimal (if any) risk on their investment. Entities promote, orchestrate, and finance these schemes […]
Australian Government Announces details regarding Review of National R&D System
December 4th, 2024In the May 2024 federal budget, The Albanese Government announced a strategic examination and review of Australia’s R&D system to align it with national priorities and improve outcomes. This week, Ed Husic has announced specific details to launch the review, the first such comprehensive review in nearly 20 years. The review will assess how to maximise the value of R&D investments, strengthen industry linkages, and support national priorities. The review will examine existing systems, such as the Research and Development Tax Incentive […]
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News & Research News & Research
News & ResearchPotential Impact of Incoming US Government on Australian Business and R&D Tax Policy
Following the US election in 2024, a new Government will be installed in the US during January 2025. The impact of the new Trump Government on US R&D and tax policy is not immediately clear, and it may impact some industries differently […]
Business Council renews calls for increase to R&D Tax Incentive Expenditure Cap
The initial cap on eligible expenditure under the R&D Tax incentive was originally introduced around 2015 and set at $100 million. The R&D Tax Incentive (Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019 then introduced adjustments to the intensity threshold […]
