R&D Tax Credit

Industry Minister Resignation and Appointment of Caretaker

September 23rd, 2021

Over the weekend, the Government announced the resignation of Christian Porter from the industry portfolio after approximately six months in the role. Energy Minister Angus Taylor will serve as acting Industry Minister for the time being. The industry portfolio has responsibility for the R&D Tax Incentive, and the programme is one of the largest budgetary expense items within the portfolio. Given the importance of the portfolio to Australia’s economy, we call on the Government to appoint a dedicated Industry Minister […]

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Swanson Reed in InnovationAus Article on state of R&D Tax Compliance

August 26th, 2021

InnovationAus has this week published an article including comments from Swanson Reed regarding the state of R&D tax compliance, particularly for projects involving software development activity. The article comes following a turbulent period in the R&D Tax Incentive, including: Multiple proposed and eventually passed amendments to the legislation underpinning the R&D Tax Incentive; A widely reported crackdown on claims involving software development during the period 2017 to 2019. Airtasker’s R&D tax dispute for FY15 and FY16 being the most publicised […]

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Board of Taxation Review to Evaluate the Dual-Agency Administration Model for the Research and Development Tax Incentive

July 12th, 2021

Australia’s R&D tax incentive program is dually administered by two government agencies: AusIndustry (on behalf of Industry Innovation and Science Australia): registers R&D activities disclosed in applications lodged with the agency. AusIndustry has authority to make findings on eligibility of activities. The Australian Taxation Office (ATO): administers R&D tax offset entitlements disclosed in company income tax returns lodged with the agency. The ATO reviews compliance matters such as substantiation of expenditure and structural tax issues such as on whose behalf […]

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FY21 R&D Registrations Now Open

July 5th, 2021

Companies are now able to register R&D activities with AusIndustry for the year ended 30 June 2021 (FY21). For the FY21 period, the application process is now administered through the new online customer portal which has presented a number of changes over the previous processes, including: The need for the company director to have established a MyGovID account linked to the R&D entity and their R&D tax agent; New questions and reporting fields in the R&D application, including: Details of […]

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