Legislation and Parliamentary Matters

New AAT Case re: R&D Entity Claiming Overseas Moulds/Assembly etc. Without an Overseas Finding

November 4th, 2022

A new AAT decision handed down in October 2022 (T.D.S BIZ PTY LTD and Commissioner of Taxation) considered the case of an R&D Entity attempting to claim the cost of overseas moulds, fabrication, CAD and assembly within their R&D Tax Incentive claim without having first attained an Overseas Finding from AusIndustry. This is one of the only administrative decisions to consider the specific issue of: Is R&D expenditure related to the cost of components for conducting R&D activity in Australia; […]

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New Government’s Federal Budget October 2022 – No R&D Tax Changes (Thankfully!)

October 26th, 2022

The new Labor Government has handed down their first budget in October 2022.   Leading into this budget, there was not anticipated to be any changes proposed to the R&D Tax Incentive, since the previously announced changes for FY22 had only recently been legislated by the previous Coalition government, and were passed with support from the (then) Labor Opposition.   Based on a preliminary review of the October 2022 budget material, no material changes seem to have been proposed to […]

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Productivity Commission Review of Industry Assistance and Upcoming Federal Budget

August 8th, 2022

The Productivity Commission is the Australian Government’s independent research and advisory body on a range of economic, social and environmental issues affecting the welfare of Australians. It states its role is to help governments make better policies, in the long term interest of the Australian community. In early August 2022, The Productivity Commission published its annual review of trade and assistance which it notes is to keep a record of assistance. Some notable extracts from The Productivity Commission annual review relevant […]

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Consultation Around Sunsetting and Amendments to IR&D Decision-Making Principles and Regulations

September 6th, 2021

– The Industry Research and Development Act 1986 supports the administration of the Research and Development Tax Incentive. Two legislative instruments under the act are scheduled to sunset on 1 April 2022: Industry Research and Development Decision-making Principles (Decision-making Principles) Industry Research and Development Regulations (Regulations) – These principles and regulations contain rules around: Processes for lodgement of filings with AusIndustry (who administer the R&D Tax Incentive), including registration applications, overseas findings and responses to requests for information; The powers […]

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The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end. Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.
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We can highly recommend Swanson and Reed as an R & D accountant. We have worked with them for several years now as they make our R & D claim so easy and communicate quickly with both us and our accountant.
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