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Industry Specific Issues

Australia Plans to Reform Tax Loss Rules

April 11th, 2016

Throughout 2016, the Turnbull government has been following through on plans to boost innovation in Australia, as blueprinted in last December’s innovation statement. As we mentioned in a previous post, last month the government introduced new tax laws for start-ups and investors. Now, to further encourage innovation and growth among businesses, Australia plans to reform its loss tax rules. The Australian Treasury released a draft legislation seeking to amend the existing “same business test (SBT)” clause and to make it […]

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Research & Development Tax Incentive: The Year in Review

April 7th, 2016

Over the last twelve months there has been substantial activity in respect to the research and development (R&D) tax incentive with various announcements broadcasted by AusIndustry and the Australian Tax Office (ATO), as well as the release of the National Innovation and Science Agenda (NISA). As a result, the discourse of business and government in Australia is rife with mentions to innovation, disruption and dexterity. Hence, the policy settings of government and our macroeconomic environment has seen a shift in […]

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What Does an R&D Tax Incentive Audit Involve?

April 6th, 2016

Undeniably, the research and development (R&D) tax incentive can result in very significant cash refunds for a business which can drive its future revenue growth. However, as the R&D Tax Incentive is a self-assessed claim, AusIndustry issues ‘Request for Further Information’ (RFIs) to ensure that all companies claiming the incentive remain accountable for their claims. Therefore, because of this “self-assessment” process, it is important that you understand the compliance requirements. Moreover, the ATO has recently stated that they are working […]

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New Tax Incentives for Start-Ups & Investors

March 30th, 2016

In a proposition to develop the economy away from a reliance on mining, the Australian government launched the National Innovation and Science Agenda (NISA) last December. Now, the Turnbull government has followed through on the agenda’s proposal to offer tax incentives to entrepreneurs and start-ups. The Bill, coined the Tax Laws Amendment (Tax Incentives for Innovation) Bill, was announced in March 2016 and aims to amend the tax laws to provide generous tax incentives for innovative start-ups and investors. In specific, […]

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