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ATO Guidance and Materials

R&D Asset Temporary Full Expensing Considerations and ATO Guidance

October 11th, 2021

A significant (but temporary) change to operation of the R&D Tax Incentive for expenditure on tangible depreciating assets used in R&D activity came into effect during FY21.   Historically, and prior to FY21: The capital cost of a tangible depreciating asset is not eligible as R&D expenditure; A company is able to claim the decline in value on an R&D asset (as calculated under the depreciating asset provisions in Division 40) for the period that an asset is used in […]

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Promoters of Tax Avoidance Schemes Remain a Target of ATO’s Tax Avoidance Taskforce

September 20th, 2021

The ATO recently released a report titled Tax Avoidance Taskforce highlights 2020-21. The report has highlighted that: Activity over the past year achieved favourable promoter penalty outcomes in two Federal Court applications following investigations by the taskforce’s Promoters and Tax Exploitation Program, one of which involved exploitation of the R&D Tax Incentive; The ATO’s focus in the coming year will continue to be specialist large market advisors who promote and run tax avoidance schemes. The R&D tax matters identified in […]

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ATO Release New Draft Tax Ruling TR 2021/D3 (R&D Tax Offsets: The At Risk Rule)

June 28th, 2021

Under SECT 355.405 ITAA97, an entity cannot claim R&D expenditure in situations where: (a) when an entity incurs R&D expenditure, consideration had been received, or was reasonably expected to be received: as a direct or indirect result of the expenditure being incurred; and regardless of the results of the activities on which the expenditure is incurred; and (b) that consideration is equal to or greater than the expenditure. The spirit of this provision is to ensure companies only receive a […]

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R&D Tax Registration Deadline for YE 30 June 2020 is April

April 6th, 2021

Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2020 (ie FY20 – last financial year) who are yet to do so should note that the Registration Deadline is 30 April 2021. Last year, AusIndustry applied a blanket extension to all companies’ FY19 R&D Applications due to COVID. We are of the understanding that this blanket extension will NOT be available for FY20 applications, and the 30 April 2021 statutory deadline (10 months after the end of the financial […]

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