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Industry Specific Issues

Digital Games Tax Offset – Draft Released Including Clarification of Interaction with R&D Tax Incentive

May 4th, 2022

Originally announced last federal budget was a refundable offset for digital games, to strengthen the digital games industry and develop local capability. Last month, the treasury published the Exposure Draft Explanatory Materials. The Digital Games Tax Offset (DGTO) proposes to insert a new division into the ITAA 1997 to provide a 30% refundable tax offset for eligible businesses that spend a minimum of $500,000 on qualifying Australian development expenditure related to the development of eligible games from 1 July 2022. […]

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AusIndustry Release New Software Guidance Titled “Software-Related Activities and the Research and Development (R&D) Tax Incentive”

April 13th, 2022

In April 2022, AusIndustry released a new guidance document titled “Software-Related Activities and the Research and Development (R&D) Tax Incentive”. The release of this document follows previous guidance in recent years, along with some controversies for software-development R&D activity that saw: A number of well publicised disputes; Reports of some disputes being settled; Calls by some in the industry for a ‘Software Specific’ R&D Tax Incentive, or a change in the criteria of the current incentive to be easier to […]

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Med and Bio Tech Patent Box Bill Introduced to Parliament

February 21st, 2022

The Australian Government first announced that it will introduce a patent box for eligible income associated with new patents in the medical and biotechnology sectors in the May 2021 federal budget. The legislation to enact this was introduced to the lower house in February, but with very few Senate sitting days left before the federal election it may not be passed in time. The Tax Concession for Australian Medical Innovations Bill 2022 introduces a patent box scheme that would see […]

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Draft AusIndustry Determination on Clinical Trials (Phase 0-III) for an Unapproved Therapeutic Good

January 20th, 2022

AusIndustry has recently released a draft Industry Research and Development (clinical trials, Phase 0, I, II, III for an unapproved therapeutic good) Determination 2021 for consultation and feedback. This is the first R&D Tax Incentive determination published, and AusIndustry noted that they have consulted with the Australian Taxation Office and Department of Health as part of the coalition of this document. The draft document notes that: In respect of classifying the phase of a trial: Phase 0 clinical trial means […]

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