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AusIndustry Guidance and Materials
Monadelphous discloses it will submit no R&D claim for current period
October 15th, 2019As has been reported in the media previously, MONADELPHOUS GROUP LIMITED has recognised a 6.3M provision in its FY19 results with respect to a potential repayment of base tax liability for disputed R&D Claims in the FY15 and FY16 periods. Monadelphous announced to the ASX in May 2019 that the company had received notices of amended assessments from the ATO relating to findings by Innovation Australia that R&D Activities registered in the FY15 and FY16 periods were not eligible, and […]
Base metal explorer takes up provision for repayment of disputed R&D Tax Offset
September 27th, 2019Argent Minerals Limited has disclosed a liability in the company’s 2019 annual report for “R&D Claims repayable” of approximately $1.4M. This liability is in respect of R&D Tax Offsets for the FY16 and FY17 periods that AusIndustry have found relate to ineligible activities. The report notes that: the finding was received in January 2019, and that an independent review is being conducted of the finding. Independent reviews are available to companies under the current compliance continuum where activities are found […]
Reports Industry Minister Is Considering Changes To The Administration Of The R&D Tax Incentive
September 3rd, 2019InnovationAus.com has reported that Industry Minister Karen Andrews is investigating potential changes to the administration of the R&D Tax Incentive to give companies greater certainty about their claims. The report of potential changes has come following recent comments by Small Business Ombudsman Kate Carnell and Tax Commissioner Chris Jordan on the administration and compliance aspects of the programme. Within the article, Mrs Andrews ruled out issuing any new guidance that would change the established definitions about what constitute R&D under the […]
Tax Commissioner Comments On R&D Tax Incentive Compliance Difficulties
August 29th, 2019During a presentation to the Council of Small Business Organisations of Australia National Small Business Summit, tax commissioner Chris Jordan has commented that there is a structural problem with the operation of the R&D Tax Incentive, particularly surrounding the self assessment regime whereby the ATO may undertake reviews following a previous registration of R&D Activities and receipt of funds. In comments published by the Sydney Morning Herald, Chris Jordan was critical of the R&D “industry” that has emerged in professional […]
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News & Research
News & Research
News & ResearchIntroduction A recent case heard in the AAT has affirmed a previous decision by Innovation and Science Australia (AusIndustry) finding that Activities registered under the R&D Tax Incentive were not in accordance with the legislative requirements. The case: H2O Exchange Pty Ltd and Innovation and […]
The AFR has reported that the NSW Government is to form a new advisory council, chaired by David Gonski with a brief to make NSW “the R&D leader within Australia and a world-class contributor”. Forming of the NSW R&D council […]
