Industry Specific Issues

Local Biotech firm recieves $8.8 million R&D tax offset

November 4th, 2013

Alchemia (ASX:ACL) has received an additional $8.8 million rebate as part of the R&D Tax Incentive Scheme. The new rebate for FY13 brings the total funds Alchemia has received under the R&D incentive scheme over the last 12 months to over $13 million. In December, Alchemia won approval from AusIndustry to apply for incentive credits for non-Australian R&D conducted by business unit Alchemia Oncology. In a filing, the company said its FY13 rebate includes claims from both overseas and domestic R&D, […]

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Review R&D Case Law: substantiating an experiment – Compliance burden or insightful planning?

October 24th, 2013

Changes to the definition of eligible activities; uncertainties around the definition of new terms, such as dominant purpose; and recent decisions handed down in the Administrative Appeals Tribunal (AAT) regarding substantiation have all contributed to additional uncertainty for taxpayers during the transition to the new R&D Tax Incentive. In the AAT, a number of decisions have been handed down, deciding against taxpayers on the basis that the documents provided were insufficient or inappropriate for substantiating the R&D claims. While the […]

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Vision Intelligence Pty Ltd and Commissioner of Taxation [2013] AATA 527

October 23rd, 2013

The recent AAT decision, Vision Intelligence Pty Ltd and Innovation Australia [2013] AATA 527 was a taxation appeals case that related to a taxpayer’s calculation of expenditure items within its R&D tax claim submission and the possible penalties the ATO may impose on that taxpayer for recklessness in the calculation. This case is relevant to companies that wish to reassess their ‘risk profile’ and ‘reasonable care’ position with respect to the R&D Tax Incentive. Background Vision Intelligence (or the Applicant) engaged a management […]

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Upcoming Abbott Government’s R&D Tax Incentive Policy

September 6th, 2013

Swanson Reed welcomes ‘The Coalition’s Policy to Boost the Competitiveness of Australian Manufacturing’ with its support for a “new approach” to manufacturing and policy improvements to the R&D Tax Incentive. Tony Abbot and the Coalition has placed a completely different emphasis on the importance of increased commercial R&D in Australia than that of the Labor Government. In 2014, the Coalition plans to make changes to the R&D Tax Incentive program, including: A review of businesses over $20 Billion turnover program […]

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