Home » News » General Information

General Information

Federal Budget May 2024 – No changes to R&D Tax Incentive, Strategic examination of Australia’s R&D System Flagged

May 15th, 2024

Leading into the May 2024 budget, no changes were anticipated to be made to the R&D Tax Incentive; however, recent media reports in 2024 floated the idea of the Government conducting a review of the programme for potential future changes. Based on a preliminary review of the 2024 budget material, no material changes seem to have been proposed to the R&D Tax Incentive, which is good news. In the budget papers for the TREASURY PORTFOLIO, the budgeted expenses for the Research & Development Tax Incentive are noted as: 2023-24 Estimated actual: $4,783,200,000; 2024-25 Budget: $4,474,720,000; 2025-26 Forward estimate: $4,609,984,000; 2026-27 Forward […]

Read More

Industry Minister comments and Government R&D Policy leading into budget (May 2024)

May 13th, 2024

May 2023 will mark the Labor government’s third budget in this term.   Industry Minister Ed Husic has not seemed to make any significant comments about the R&D Tax Incentive programme this year, and announcements so far have included: A “Health Research for a Future Made in Australia” package which has a total investment of $1.89 billion; Boosts for skills and training; Investments in quantum computing; Rollout of The national reconstruction fund;   The last R&D Tax Specific announcement, seemed to […]

Read More

Changes to Breach reporting under the Tax Agent Services Act and Implications for The R&D Tax Incentive

May 7th, 2024

The Tax Practitioners Board (“TPB”) has recently taken steps to reinforce the laws surrounding registered tax agents and BAS advisors in understanding breach reporting obligations. This move comes in response to a series of controversies within the industry. Significant changes are set to commence from 1 July 2024, which includes new obligations for tax practitioners to report ‘significant breaches’ of the Code of Professional Conduct (Code) in the TASA relating to their own conduct, and conduct by other registered tax practitioners. Draft guidance […]

Read More

ATO publishes DIS on AAT decision in GQHC and Commissioner of Taxation re: ATO assessment of eligibility of R&D Activities

May 1st, 2024

ATO decision impact statements (DIS) are documents which seek to advise the community of the ATO’s view on the implications of a particular court or tribunal decision. The statement provides information for taxpayers and advisers. The AAT decision of GQHC and Commissioner of Taxation (Taxation) [2024] AATA 409 was handed down in February 2024 and the ATO decision impact statement was published in April 2024. The matter is complex, and broadly involves whether the ATO may have the power to deny […]

Read More

Categories

Archives