AusIndustry have changed their reporting processes whereby they are mandating the use of a new online form for FY21 onwards. As part of this, directors of companies must set up a myGovID account (or use an existing myGovID), then link their personal myGovID to their R&D-registering company, then link to the R&D tax advisor preparing the application. Instructions for this process to link Swanson Reed to your company are as follows: Note that if you have previously activated your company as […]
Over recent weeks AusIndustry launched their new, online R&D Tax Incentive customer portal which replaces the old PDF Smartform Lodgement system. AusIndustry are mandating that all FY21 R&D Applications are lodged via this new online system, which commences accepting lodgements from Monday 5 July, 2021. There are significant changes from the old system (both in the lodgement process and reporting declarations) and companies who are looking to lodge their FY21 applications soon after the end of the financial year should […]
R&D Tax Incentives, like we have in Australia, are intended to drive innovation, and thus productivity and value in the global economy. By reducing the tax costs of those investments, policymakers believe that companies have an added reason to take risks to perform innovation that they may not typically take. However, not every country has tax tools used to incentivize spending on R&D and develop patented innovations, and of those that do, not all are the same. A recent Tax […]
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 […]