General Information

Monadelphous recognises $7 Million provision for disputed R&D Tax Claims

August 21st, 2019

Engineering contractor Monadelphous has released its FY19 annual report this week, and within recognised a $7 Million provision relating to repayment of R&D Claims for the FY15 and FY16 periods. The provision would indicate that the underlying disputed R&D Activities may have R&D Expenditure of around $70 to $80 Million. Monadelphous had previously reported 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 […]

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Cochlear calls for stability to R&D Tax Policy with release of FY19 Results

August 19th, 2019

In comments published in The Australian coinciding with the release of their FY19 financial report, Cochlear has called on the Australian government to adapt policies to ensure Australia remains competitive in attracting global investment in R&D Activity.   CEO Dig Howitt noted specifically that the R&D Tax Incentive must be subject to a stable policy platform to address Australia’s declining R&D Expenditure when quantified as a proportion of GDP.   Dig Howitt had previously mentioned at the AFR Innovation Summit that […]

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Industry Minister’s Comments to AFR regarding application of R&D Tax Incentive to Software

August 6th, 2019

The AFR has reported that Industry Minister Karen Andrews (whose responsibility includes oversight of the R&D Tax Incentive) recently met with representatives of high profile Australian start ups and parties from venture capital firms. Attendees at the meeting included personnel from Airtasker, who had a previously lodged R&D claim found to be ineligible by regulators, which had been previously highly publicised in the media. Ms Andrews was quoted within the article as: being concerned by the dropping level of business […]

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Importance Of Stable R&D Tax Incentive A Consensus During AFR Innovation Summit

July 31st, 2019

This week, the Australian Financial Review (AFR) hosted its annual Innovation Summit involving presentations and discussions by technology sector and industry leaders. The importance of stability in innovation policy (and in particular, the R&D Tax Incentive) was a largely uniform view among those participating in the summit. Key notes from the presentations include the following: A representative from CSL noted that the timeline for commercialising drugs required thinking in 10-15 year cycles, and that frequent changes to innovation policy made […]

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