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Industry Specific Issues

Fintech Australia Uses Fintech And Regtech Senate Inquiry To Highlight Importance Of The R&D Tax Incentive

January 14th, 2020

In December 2019, Fintech Australia released its response to the Financial Technology and Regulatory Technology Senate inquiry.  Their committee voiced concerns regarding the Government’s plan to cut $1.35B from the R&D Tax Incentive and stated that the current definition of “experiments” was impeding innovation by preventing software companies from claiming the tax offset. The submission pointed out that the R&D Tax Incentive is the primary channel used to promote local innovation, with 64% of fintechs having applied for the scheme. […]

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XPED Limited Announce Successful Appeal Of AusIndustry Finding For Disputed Software Activities

January 8th, 2020

XPED Limited had previously announced to the ASX in July 2019 that the company had received notice from AusIndustry of a finding assessing registered activities as ineligible under the requirements of the R&D Tax Incentive for the 2017/18 period, totalling approximately $1.6M. The activities in dispute were in respect of development of Internet of Things based software and hardware solutions. The July ASX Announcement included a statement that XPED Limited was committed to appealing the finding. XPED Limited have since […]

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Monadelphous recognises $7 Million provision for disputed R&D Tax Claims

August 21st, 2019

Engineering contractor Monadelphous has released its FY19 annual report this week, and within recognised a $7 Million provision relating to repayment of R&D Claims for the FY15 and FY16 periods. The provision would indicate that the underlying disputed R&D Activities may have R&D Expenditure of around $70 to $80 Million. Monadelphous had previously reported to the ASX in May 2019 that the company had received notices of amended assessments from the ATO relating to findings by Innovation Australia that R&D Activities […]

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Cochlear calls for stability to R&D Tax Policy with release of FY19 Results

August 19th, 2019

In comments published in The Australian coinciding with the release of their FY19 financial report, Cochlear has called on the Australian government to adapt policies to ensure Australia remains competitive in attracting global investment in R&D Activity.   CEO Dig Howitt noted specifically that the R&D Tax Incentive must be subject to a stable policy platform to address Australia’s declining R&D Expenditure when quantified as a proportion of GDP.   Dig Howitt had previously mentioned at the AFR Innovation Summit that […]

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