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What Could Australia Learn From Sweden’s Innovation Model?
May 3rd, 2016A century ago, Sweden was among the poorest nations in Europe. It’s a small country, home to just 0.13 per cent of the global population. Yet today, it is a world leader in innovation. In fact, the Innovation Union Scoreboard 2010, an index published by the European Commission, ranks Sweden as the leading country for innovation among EU member states. Fittingly, Australia’s latest Prime Minister has recently pinned the country’s economic renaissance on an ‘Ideas Boom’, where innovation and technology drive […]
Final Days to Register Activities for the R&D Tax Incentive
May 2nd, 2016This year, April 30 transpired on a Saturday which has subsequently extended the R&D tax incentive registration deadline to today (2 May 2016). Moreover, as it is a public holiday in Queensland today, Queensland-based entities may lodge registrations until tomorrow (3 May 2016). As per previous years, the R&D tax incentive registration deadline is 10 months after a company’s financial year end. Thus, for companies with a June 30 financial year-end, they will typically need to register their R&D activities […]
How the R&D Tax Incentive Tax Offset Works, Interaction with Tax Position and Summary of Changes:
April 29th, 2016The R&D tax incentive operating from FY12 entitles companies to tax offsets for eligible expenditure on registered R&D activities, in exchange for tax deductions on the expenditure. The Incentive introduced the concept of a notional deduction, since eligible expenditure notionally determines R&D tax offsets, but any entitlement to a tax deduction is foregone. The forfeiture of tax deductions for R&D expenditure is made at item 7, label D (addback of non-capitalised R&D expenditure) in the company tax return. Prior the […]
CSL Urges R&D Tax Incentive Safeguard
April 26th, 2016In launching the innovation and science agenda in December, the Australian Government announced that they would be undertaking a review of the R&D Tax Incentive programme. At present, the review is currently ongoing by a panel led by Bill Ferris and it is expected to report to Government in April 2016. However, the announcement of a review has resulted in companies underlining their apprehensions about changes to the initiative. Most recently, CSL has joined industry appeals to the federal government to […]
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Daniel McGregor2022-08-11I have been using Swanson Reed for my clients for more than a decade. Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients. Highly recommended.
John2022-06-15Damian and the rest of the team at Swanson Reed have been supporting us for several years. We always appreciate their insights, expertise, and efforts.
Rueben Rajasingam2022-06-06Experienced responsive Team. They have been a great help to me and my company navigate the R&D tax claim process and have provided invaluable advice.
Enrique Esquivel2022-06-06Damian and the team at Swanson Reed have been extremely helpfully and professional during all of our consultations. Highly recommended.
Jess at Y&C2022-06-03
Anatole Kononewsky2022-06-02The Swanson Reed team have provided our company with exceptional professional advice and assistance for all of our R&D claims for many years - have always achieved great results with excellent value for their services.
Payam Toloo2022-06-02Damian Smyth and his team are very helpful, supportive and experts in their field of R&D Tax claims. I'm always happy with the work they do and been a customer of their for over 5 years.
Melissa Doddy2022-05-31The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end. Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.
Gary Watson2022-05-31We can highly recommend Swanson and Reed as an R & D accountant. We have worked with them for several years now as they make our R & D claim so easy and communicate quickly with both us and our accountant.
Rob van den Bergh2022-05-31Always professional.
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News & Research
News & Research
News & ResearchThe matter concerns an individual charged by the Commonwealth DPP for attempting to unlawfully obtain a refund under the R&D Tax Incentive. Before being charged, the taxpayer was compulsorily examined by the ATO. The individual had applied to stay the […]
2023 Annual Report for IISA: Update on R&D Tax Legal matters and litigation
Industry Innovation and Science Australia (IISA) is the government department responsible for determining whether companies’ activities meet the legislative criteria eligible under the R&D Tax Incentive. The 2022-23 Annual Report for IISA was recently released, and a section of the […]
