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Camalic Pty Ltd and Innovation and Science Australia (Taxation) [2020] AATA 1590 (3 June 2020)
July 13th, 2020Introduction: A recent case heard in the AAT has affirmed a previous decision by Innovation and Science Australia (AusIndustry), finding that activities registered under the R&D Tax Incentive were not in accordance with the legislative requirements. Background: Camalic Pty Ltd V ISA was a dispute in respect of a registration in the FY14 and FY15 periods for development of a software predictive tool that utilises a significantly large number of multiple variables to predict an increase in value based upon […]
Federal Government Flags Potential Further R&D Tax Changes to Help Fintech Industry
February 10th, 2020The Australian newspaper has highlighted a speech to the Australian Computer Society on Friday made by Liberal Senator Andrew Bragg, who is chairing a committee examining Australia’s fintech sector. The article noted that: The government is mulling a number of policy shifts to make life easier for start-ups; Senator Bragg is quoted as saying: “FinTech Australia tells us the R&D tax incentive is the number one regulatory issue for fintechs. They tell us the importance of the R&D tax incentive […]
Fintech Australia Uses Fintech And Regtech Senate Inquiry To Highlight Importance Of The R&D Tax Incentive
January 14th, 2020In 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. […]
ASX Listed Software Company Receive AusIndustry Finding That R&D Activities Are Not Eligible
July 30th, 2019XPED LIMITED has announced to the ASX that the company has received notice from AusIndustry of a finding assessing certain registered activities as ineligible under the requirements of the R&D Tax Incentive for the FY18 period. XPED LIMITED had previously announced in the company’s interim report for the half year ended 31 December 2018 that a Refundable R&D offset of $1,634,607 was received in respect of the Technology Development segment of the business, which is focused on development of Internet […]
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News & Research
News & Research
News & ResearchStrike Energy (ASX:STX) Announces R&D Tax Dispute Settlement and Pursuit of Subsequent Claims
Strike Energy had previously disclosed R&D Tax Offsets in dispute with Innovation & Science Australia (ISA) in respect of the FY16 period of $6,333,638, which also had subsequent implications on R&D Tax Offsets in the FY17 period of $3,697,000. Announcements […]
New Opposition Party statements on R&D Tax Policy
Labor Innovation Spokesperson Clare O’Neil has this week spoken to InnovationAus about the Opposition’s R&D Tax Incentive Policies. The article focused particularly on the Governments’ proposed reforms to the R&D Tax Incentive, which have been widely condemned by Industry Groups […]
