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AusIndustry Guidance and Materials
AusIndustry Lodgement Concessions on Finding Applications due on 30 June 2020
April 20th, 2020Companies seeking to claim overseas expenditure, or seeking an advance determination on eligibility of a project must lodge a finding Application period to the end of the financial year in which the activity is first conducted (i.e. 30 June for activities in FY20). During a finding process, AusIndustry provides a binding determination of eligibility, and an enormous amount of work must be put into such applications, including the collation of a vast amount of supporting evidence. There is no provision […]
AusIndustry Issues Details of Revised Integrity Management Approach
December 20th, 2019AusIndustry have circulated a link to an update on their website in respect of a revised integrity management approach, which is detailed here. This update has come following the release of an Australian Small Business and Family Enterprise Ombudsman (ASBFEO) report on the administration of the R&D Tax Incentive, which was critical of some aspects of the processes for compliance reviews. Key highlights from AusIndustry’s update include the following: A stated commitment to two way engagement and transparent decision making; A […]
Small Business Ombudsman completes review of R&D Tax Incentive administration processes
December 12th, 2019In recent months it was reported that the Australian Small Business and Family Enterprise Ombudsman had been conducting a review of the administration of the R&D Tax Incentive’s administration. The report has now been completed and is available here. Some key recommendations by the Ombudsman’s report include the following: “Where compliance examinations/audits are necessary, they should take place as close as possible to the first year of registration of a project. Statutory examinations by AusIndustry should not be retrospective beyond […]
Reintroduction of legislation to reform R&D Tax Incentive
December 5th, 2019The federal government has today reintroduced legislation to reform the R&D Tax Incentive (Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019) which is detailed here. The previous bill attempting to reform the R&D Tax Incentive did not pass through the Senate, and a Senate Economics Legislation Committee recommended that the bill should be deferred from consideration until further analysis of the bill’s impact is undertaken, particularly with respect to concerns around the proposed intensity threshold and refundable offset […]
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News & Research
News & Research
News & ResearchArgent Minerals Limited has previously disclosed a liability in the company’s 2019 annual report for “R&D Claims repayable” of approximately $1.4M. This liability was in respect of R&D Tax Offsets for the FY16 and FY17 periods that AusIndustry had found relate […]
R&D Tax Incentive Reform Still On Government Agenda, Despite Focus On Enhancing Local Manufacturing
Industry Minister Karen Andrews addressed the National Press Club during the week to outline Government plans for industry policy in the wake of the COVID-19 situation. Points from the speech include the following: Ms Andrews said the Coronavirus pandemic had […]
