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ATO ID 2012/89 – R&D Feedstock adjustments – creation of a prototype

August 15th, 2014

Does a ‘feedstock adjustment’ arise under section 355-465 of the Income Tax Assessment Act 1997 (ITAA 1997) in relation to expenditure incurred by an ‘Research and Development (R&D) entity’ in creating a prototype which is a depreciating asset, but not one used in acquiring or producing any ‘feedstock inputs’? Simply, the answer is no. A feedstock adjustment does not arise under section 355-465 of the ITAA 1997 where an R&D entity incurs expenditure on constructing a prototype which is a tangible depreciating […]

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R&D tax offset for foreign companies

July 26th, 2014

 The Australian 43.5% R&D tax offset is available to some foreign companies who undertake R&D in Australia. Who is eligible? Foreign entities may be eligible where they have setup: an Australian resident company; a corporation that is an Australian resident for taxation purposes; or a permanent establishment in Australia. What’s it worth? The amount that a foreign entity can claim through the R&D Tax Incentive depends on the turnover of the company and whether it has recorded a profit or loss […]

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R&D Tax claim for companies before 30 June

June 24th, 2014

For information about upcoming requirements for June year end companies, please click here. Eligibility Checklist: Are you Eligible to claim the R&D Tax Incentive? Check out our Eligibility Wizard to find out. Audit Checklist: Can you handle an AusIndustry Audit?  Take our questionnaire to find out.

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2014 Budget Update: Minor Reduction in R&D Tax Offset – Grant Funding Abolished

May 14th, 2014

Announced in the recent Federal Budget was the Government’s plan to raise over $1 Billion by cutting funding to the R&D Tax Incentive and a range of grants. The savings from these measures will be redirected to repair the Budget and fund policy priorities. Proposed Reduction to the R&D Tax Incentive The R&D Tax Incentive operates whereby a company forfeits a general income tax deduction for their R&D expenditure in exchange for a turnover determined R&D Tax Offset. The permanent […]

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