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Federal Court Appeal Finds in Favour of ATO for Recovery of R&D Offset

March 29th, 2021

On 19 March 2021, a decision in the appeal of The Federal Court case of Commissioner of Taxation v Auctus Resources Pty Ltd [2021] FCAFC 39 was handed down. In the preceding case, Auctus Resources Pty Ltd v Commissioner of Taxation [2020] FCA 1096, The Federal Court found that the ATO was not able to use s.8AAZN of the Tax Administration Act 1953 (a provision related to Overpayments made by the Commissioner under taxation laws)  to recover a tax refund relating to an R&D tax offset refund in […]

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ATO and AusIndustry Joint Podcast on R&D Tax Incentive

March 1st, 2021

AusIndustry and the ATO have published a joint podcast on business.gov.au this week, featuring Brett Challans (ATO) and Kelly Wiggins (DISER). The podcast discusses key R&D Tax Incentive issues relevant to each department, including: Eligible entities; The self-assessment process; Categories of ineligible expenditure; Records relevant to substantiating the R&D process through systematic progression of work i.e. from hypothesis to conclusions. E.g. emails, project plans, annual reports, lab notebooks and meeting minutes; Records relevant to substantiating expenditure including invoices, contractors and […]

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Significant Refundable R&D Offsets Receipts Reported to ASX, ATO Reviews Still Occurring

December 14th, 2020

Over recent months, a number of companies have reported to the ASX receipt of substantial Refundable R&D Offsets. Notable receipts include: Zelira Therapeutics’ receipt of $1.4 M in December for cannabis medicines; Imugene’s receipt of $4.82M in December for Immuno-oncology research activities; Agrimin’s receipt of $1.6M in December for development of a potash project; Anteotech’s receipt of $1.2M in November for Surface chemistry activities; Bluechiip’s receipt of $1.5M in November for wireless tracking solutions; Intelicare Holdings’ receipt of $0.41M in […]

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Australia’s R&D Tax Incentive and Clinical Sector To Be Showcased During JP Morgan Week

December 7th, 2020

AusBiotech’s virtual showcase during JP Morgan week in January 2021 will seek to highlight the advantages of partnering with Australian life science companies and utilising the R&D Tax Incentive. Australia has become an attractive location for the conduct of clinical trials in recent years, based on local capability and infrastructure offering companies the ability to attain high-quality clinical data. Australia’s 43.5% Refundable R&D Tax Offset has further made the country an attractive destination for the conduct of clinical research. Ausbiotech’s […]

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