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Ignite Ideas Fund – Round 11 Now Open to QLD Businesses

September 4th, 2023

The QLD government has announced that round 11 of the Ignite Ideas funding is available to commercialise highly innovative and new products or services that are at minimum viable product stage or beyond. The Ignite Ideas Fund is designed to support Queensland based small to medium businesses that have high-growth potential to undertake commercialisation projects that will: strengthen key industries in Queensland diversify the Queensland economy compete in domestic and global markets engage and/or benefit regional Queensland create new jobs, […]

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BCA “Seizing the Moment” Report Flags Importance of R&D Tax Incentive and Addressing Productivity Issues

August 24th, 2023

This week, the Business Council of Australia (BCA) released a report titled “Seizing the Moment“which proposes a plan to reverse the nation’s productivity slump and drive competitiveness. The report warns that Australia can’t just keep relying on good luck to create economic success. The BCA highlights that if Australia wants sustained wage growth and to maintain full employment, we need a reinvigorated economic growth agenda driven by large-scale investment, higher productivity, and greater innovation. The R&D Tax Incentive is also […]

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Government Proposes Enormous Increase in Maximum Fines for Firms Engaged in Tax Exploitation Schemes

August 14th, 2023

In response to the recent scandals in the tax profession, the Government has proposed to increase maximum fines on firms engaged in tax exploitation scheme by around 100 times. The move would see firms face fines of up to $780m for exploiting tax loopholes, and other changes made to regulators’ powers. The promoter penalty laws are concerned with arrangements that avoid or evade tax, and where the benefit claimed isn’t available under the tax laws. They are collectively referred to […]

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Company Involved in R&D Tax Dispute over Software Development Activity Now in Liquidation

August 7th, 2023

Royal Wins Pty Ltd and Innovation and Science Australia [2020] was an AAT case where it was found that the company’s software development activities did not meet the requirements under the R&D Tax Incentive. The claims were substantial and found by the AAT to not be suitably substantiated. The AFR has recently reported that the company is now in liquidation. The AFR article notes: “Royal Wins, an Australian mobile developer of wagering and betting games which is listed in the US and […]

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