A recent AAT decision handed down in November 2022 (Active Sports Management Pty Ltd and Industry Innovation and Science Australia) has allowed a company seeking review of an AusIndustry decision to be reinstated, on the grounds that the review was dismissed in error. The AAT found that while the company did not comply with certain directions from the Tribunal, they had made an effort in obtaining expert evidence and preparing submissions in support of its case. We understand that this […]
A new AAT decision handed down in October 2022 (T.D.S BIZ PTY LTD and Commissioner of Taxation) considered the case of an R&D Entity attempting to claim the cost of overseas moulds, fabrication, CAD and assembly within their R&D Tax Incentive claim without having first attained an Overseas Finding from AusIndustry. This is one of the only administrative decisions to consider the specific issue of: Is R&D expenditure related to the cost of components for conducting R&D activity in Australia; […]
The Australian Taxation Office (ATO) and AusIndustry have advised that they will host a series of online sessions for stakeholders seeking to learn more about the R&D Tax Incentive. The sessions aim to provide an introduction to the R&D Tax Incentive and guidance on key eligibility requirements. The sessions are being held online in October and November and registration details are available on business.gov.au. Get in touch with our office if you would like to speak to someone about a potential […]
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. […]