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ATO Guidance and Materials

AFR reports high profile ASX listed Software Company Subject to ATO Review of R&D Tax Offsets

October 18th, 2023

The AFR has reported in late September 2023, that officials from the Australian Taxation Office visited a high profile ASX listed software development company last month as part of inquiries about whether the group inappropriately claimed R&D Tax Offsets.   The article seems to suggest that the issue may relate to overclaiming of expenditure on R&D Activities conducted overseas (as opposed to whether the expenditure or activity meet the general R&D Tax Incentive criteria).   Under the R&D Tax Incentive, companies […]

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Finalised Tax Determination on Aggregated Turnover and Connected Entities – Commissioner’s Discretion That an Entity Does Not ‘Control’ Another Entity

October 11th, 2023

After previously issuing a draft ruling in June 2023, the ATO in September 2023 has now finalised and published Tax Determination TD  2023/5 on aggregated turnover and connected entities – Commissioner’s discretion that an entity does not ‘control’ another entity. Under the R&D Tax Incentive 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 […]

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Interaction between R&D Tax Incentive and Small Business Technology Investment Boost

September 18th, 2023

Under the recently enacted small business technology investment boost, small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction to support their digital operations and digitise their operations. The boost applies to eligible expenditure incurred between 7:30 pm AEDT on 29 March 2022 and 30 June 2023. The boost is for business expenses and depreciating assets and is capped at $100,000 of expenditure per income year. You can receive a […]

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ATO Guidance Update: Claiming the R&D tax incentive this tax time

August 22nd, 2023

The ATO has circulated a guidance update on August 17 2023 titled “Claiming the R&D tax incentive this tax time”. The ATO guidance update outlines key factors for claimants to consider, including: review of technical eligibility using the instructions for the 2023 schedule use of the ATO R&D calculator to help calculate your R&D tax incentive claim. direction around how offset rates are different depending on a company’s aggregated turnover and R&D intensity that R&D activities conducted overseas must be covered by an Overseas […]

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