Changes to the definition of eligible activities; uncertainties around the definition of new terms, such as dominant purpose; and recent decisions handed down in the Administrative Appeals Tribunal (AAT) regarding substantiation have all contributed to additional uncertainty for taxpayers during the transition to the new R&D Tax Incentive. In the AAT, a number of decisions have been handed down, deciding against taxpayers on the basis that the documents provided were insufficient or inappropriate for substantiating the R&D claims. While the […]
Australian resource company KBL Mining has advised it is lodging an R&D Tax Incentive claim for the 2011-12 financial year. The claim is for some AUD$12.5 million for R&D activities in process development. For the 2010 and 2011 financial years KBL received an R&D cash rebate of $1.1 million. Eligibility for the rebate is subject to the Company meeting all relevant taxation eligibility criteria for obtaining a refundable tax offset and the claim may be reviewed by either the Australian Taxation […]
A report of Australian clinical trial costs is flawed according to Industry claims. The report on the global competitiveness of 14 countries came out this time last year, in which Australia was ranked as the second most expensive country to run clinical trials. Australian R&D Industry representatives are now making noise in response to the report. The report rankings were based on areas such as labour costs, transport, facility lease costs and utilities such as electricity. Exact data sources are unclear […]
Perth based copper-gold explorer, Empire Resources Ltd has received an R&D Tax offset payment totalling AUD $498,631. The Government support breaks down to an R&D Tax offset payment for the metallurgical and processing techniques used by the company to evaluate and advance the high grade A Zone deposit at its wholly-owned Yuinmery copper-gold project. Managing Director, Mr David Sargeant said “The scale of the payment is also such that it provides a substantial financial injection into Empire, rewarding shareholders’ faith […]