The ATO have recently released their annual report for the FY21 period, which is designed to inform parliament, stakeholders and the community about how the ATO have administered the tax and superannuation systems. Within the report are final statistics on the R&D Tax Incentive, which is jointly administered by the ATO and AusIndustry. Key statistics on the incentive from the period are as follows: Value of claims processed for the 38.5% R&D Offset was Steady from the prior year: $2.2b […]
Under the legislative amendments to the R&D tax legislation passed in 2020, a new administration measure was enacted relating to the publication of claimant data. The intention of the change was to enhance the transparency of the R&D tax incentive, and align it with other programmes where details of recipients of public support are noted in the public domain. An indication has recently been provided of how this will work in practice, and this is in accordance with the passed […]
Swanson Reed has appeared on this week’s episode of the TWISTA (This Week in Startups Australia) Podcast with Mark Pesce. Topics covered include key documentation requirements for claimants of the R&D Tax Incentive and important planning measures leading up to 30 June. TWISTA is an Australian-focused podcast series seeking to help startups thrive, with interviews and advice from the leading founders, investors, and thinkers in Australia’s tech startup community. TWISTA is available through the Apple Podcasts platform.
AusIndustry have changed their reporting processes whereby they are mandating the use of a new online form for FY21 onwards. As part of this, directors of companies must set up a myGovID account (or use an existing myGovID), then link their personal myGovID to their R&D-registering company, then link to the R&D tax advisor preparing the application. Instructions for this process to link Swanson Reed to your company are as follows: Step 1: be in front of your computer with a […]