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Final Days to Register Activities for the R&D Tax Incentive

May 2nd, 2016

This 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 […]

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How the R&D Tax Incentive Tax Offset Works, Interaction with Tax Position and Summary of Changes:

April 29th, 2016

The 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 […]

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CSL Urges R&D Tax Incentive Safeguard

April 26th, 2016

In 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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Reminder: R&D Registrations Due 30 April 2016

April 22nd, 2016

Registration is the critical first step in accessing the R&D Tax Incentive. In order to be able to claim the benefits of the R&D Tax Incentive, a company must register their R&D activities with AusIndustry. As mentioned in a previous post, the deadline for lodging an application for registration is ten months after the end of a company’s income year. Thus, for companies with a standard income period of 1 July to 30 June, the lodgement date for registrations with […]

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