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Moreton Resources’ R&D Activities Affirmed As Ineligible
September 14th, 2018On 12 September 2018, Moreton Resources Ltd announced on the ASX that the Administrative Appeals Tribunal (AAT) recently affirmed a decision by Innovation and Science Australia (ISA) that registered R&D activities were not eligible. This was decided on the basis that underground coal gasification is a known and proven technology and is therefore not considered a research and development activity, as defined by the 1997 Income Tax Assessment Act. The AAT have issued an amended assessment for $9M. Moreton Resources […]
R&D Intensity Requirement May Unfairly Penalise Certain Industries
May 22nd, 2018Sixty million people are fed by Australian farming exports. With an ever-increasing global population, innovation in agriculture is essential to a sustainable future. However, the changes to the R&D tax incentive announced in the 2018 Federal Budget may be disadvantageous for industries like agribusiness. Up to 12,000 Australian companies could be affected by the R&D intensity change, which proposes that companies spend at least one percent of total business expenditure on R&D to qualify for the non-refundable tax offset. The […]
R&D Tax Incentive Changes Announced in 2018-19 Budget
May 9th, 2018In response to the recommendations in the ‘2016 Review of the R&D Tax incentive’ the government has announced proposed R&D Tax Incentive changes within the 2018-19 Federal Budget released yesterday, 8 May 2018. The changes take on board some recommendations from ISA’s previous review of the programme, along with some of the government’s own savings and integrity measures. The R&D Tax Offset rate will change, commencing for years on or after 1 July 2018. For companies claiming the refundable offset with […]
Global Wave and Tidal Energy Market Set to Boom
March 16th, 2018In 2016, investment in renewables were double that of fossil fuels. With a focus on clean energy sources being developed as an alternative to fossil fuels, the global wave and tidal energy market is set to be worth $3.9 billion by 2025, up from $212.7 million in 2016. With water covering over 70 percent of the earth’s surface, improving wave and tidal energy makes a lot sense, especially as they are more reliable than solar and wind power, which are intermittent throughout […]
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News & Research
News & ResearchR&D Tax Incentive Legislation Update
Last week, the Government introduced changes to the R&D Tax Incentive as part of an Omnibus Bill, following an announcement of the changes in May’s Federal Budget. It is uncertain whether the Bill will pass both the lower house of […]
Introduction The case Moreton Resources Ltd and Innovation and Science Australia (Taxation) [2018] AATA 3378 refers to a mining company that registered R&D activities for the years 2012, 2013 and 2014. After an examination of the registrations, Innovation and Science […]
