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FY24 R&D Registrations Now Open

July 2nd, 2024

Companies are now able to register R&D Activities conducted during the year ended 30 June 2024 (FY24) with AusIndustry. For the FY24 period, the application process is again administered through the new online AusIndustry customer portal which was introduced for the prior FY21 period. We understand that the AusIndustry activity disclosure requirements for FY24 are not materially different to prior years. In addition, as the major changes for calculation of R&D Tax Offsets (disclosed in the ATO R&D Schedule) arose […]

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Important R&D Tax associate entity payment rule considerations approaching end of the financial year

June 20th, 2024

The R&D Tax Incentive, includes a related party integrity provision whereby if a company incurs R&D expenditure to an associate, it must pay that amount in the same year to claim a notional deduction for that amount in that year (provided all other eligibility requirements for the R&D tax incentive are met). Associates are those entities that, by reason of family or business connections, might appropriately be regarded as being associates of the R&D entity, and relevant examples of the […]

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Swanson Reed Article on Recent ATO Alerts (TA 2023/4 and TA 2023/5) in June 2024 Tax Institute Journal

June 14th, 2024

A feature article authored by Swanson Reed is included in June 2024 volume of the Taxation in Australia. Swanson Reed’s article covers the recent R&D tax incentive taxpayer alerts released in December 2023 (TA 2023/4 and TA 2023/5).   These alerts primarily relate to whether entities registering R&D activities and claiming R&D tax offsets can be shown to be the entity for whom the registered R&D activities are conducted, as required by law. TA 2023/4 and TA 2023/5 indicate that the […]

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Deadline approaching for lodgement of Overseas Findings for R&D Activity first conducted in FY24

June 10th, 2024

Companies seeking to claim expenditure for overseas activity incurred by an Australian company under the R&D Tax Incentive must apply separately to claim these costs by first lodging an Overseas Finding Application with AusIndustry. In addition to general eligibility criteria, there are specific and extensive rules to determine whether expenditure on overseas activities is eligible under the R&D Tax Incentive. Generally, expenditure incurred by Australian companies on R&D activities conducted overseas can only be eligible for the R&D Tax Incentive where: The […]

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