ATO Guidance and Materials

FY22 R&D Registrations Now Open

July 1st, 2022

Companies are now able to register R&D activities conducted during the year ended 30 June 2022 (FY22) with AusIndustry. For the FY22 period, the application process is again administered through the new online customer portal which was introduced for the prior FY21 period. There were substantial changes made to the R&D activity technical description requirements in FY21, however the AusIndustry activity disclosure requirements for FY22 appear not to have materially changed. The big changes for FY22 R&D c laims relate […]

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R&D Tax Incentive – Reminder of Key Points Before 30 June

June 24th, 2022

Companies planning registration of R&D activities in the FY22 period (for the YE 30 June 2022) should be mindful of the following before the upcoming end of the financial year: Findings for overseas activities: Companies seeking to claim expenditure for overseas activity in their FY22 R&D claims must apply to claim these costs by lodging an Overseas Finding Application before the end of the financial year (i.e. 30 June). In addition to general eligibility criteria, there are specific and extensive […]

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ATO Release 2022 R&D Schedule Including Changes

June 2nd, 2022

R&D claims for the YE 30 June 2022 involve a number of changes from prior years, reflective of the legislative amendments arising in the October 2020 budget. These amendments change the mechanisms for calculation and reporting of R&D tax offsets to the ATO, which also presents the need for corresponding changes in the company tax return. In late May 2022, the ATO released its Research and Development Tax Incentive Schedule 2022 (NAT 73794) with corresponding changes to the labels within. […]

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ATO Debts on Hold Will Again be Used to Offset Tax Refunds or Credits Starting June

May 23rd, 2022

Accountants Daily have reported an ATO announcement that ‘debts on hold’ will again be used to offset tax refunds or credits starting next month. A non-pursued debt is a debt that has been placed on hold and is not visible on the balance of a taxpayer account. When a debt is placed on hold, the ATO do not undertake any collection action, usually because it is not economical to do so. A debt deemed uneconomical for collection action will be […]

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