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R&D Tax Credit
Observations from new online R&D Tax Incentive customer portal
June 4th, 2021Over recent weeks AusIndustry launched their new, online R&D Tax Incentive customer portal which replaces the old PDF Smartform Lodgement system. AusIndustry are mandating that all FY21 R&D Applications are lodged via this new online system, which commences accepting lodgements from Monday 5 July, 2021. There are significant changes from the old system (both in the lodgement process and reporting declarations) and companies who are looking to lodge their FY21 applications soon after the end of the financial year should […]
AusIndustry Release Draft of New Software Guidance for Consultation
May 31st, 2021AusIndustry have recently circulated a draft of new guidance on the eligilbity of software development activity under the R&D tax incentive. The guidance does not appear to materially differ from the principles of eligibility in other guidance documents published in recent years. Whilst the eligibility of software R&D activity was certainly scrutinised, particularly during the period from 2017 to 2019, a misconception occurred by some perceiving that software activities are not eligible under the R&D tax incentive. This is certainly not […]
Federal Budget 11 May 2021 – R&D Tax Incentive Update
May 12th, 2021For multiple years leading into the prior federal budget in 2020, the Government attempted to pass controversial measures aimed at reducing the cost of the R&D Tax Incentive, which had stalled in the senate and were not legislated. When the October 2020 Federal Budget (delayed due to COVID) was handed down, business was pleasantly surprised. The Government had pivoted away from proposed cuts, and made the R&D Tax Incentive a centrepiece tool of job creation and investment, by proposing changes […]
Federal Budget 2021 – R&D Tax Incentive Not Likely to be a Focus…(Hopefully)
May 7th, 2021In the belated federal Budget handed down in October 2020 (delayed due to COVID), reforms to the R&D Tax Incentive were a centrepiece. Leading up to the 2020 budget, the government was proposing substantial changes to the R&D Tax Incentive which were aimed at reducing the cost of the programme, but that had not yet been legislated as law. When the 2020 budget was announced, the government largely backed away from the unworkable changes in its R&D Tax Incentive reform […]
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News & Research
News & Research
News & ResearchProcess for Setting Up MyGovID and Authorisation for New AusIndustry R&D Tax Portal
AusIndustry have changed their reporting processes whereby they are mandating the use of a new online form for FY21 onwards. As part of this, directors of companies using R&D tax advisors to register activities must set up a MyGovID account (or use […]
PWK and ISA: AAT Finds in Favour of R&D Entity Over Disputed Activity Eligibility
A recent AAT case (PKWK and Innovation and Science Australia (Taxation) [2021] AATA 706 (24 March 2021)) has found in favour of the R&D entity in a dispute over eligibility. The dispute related to a registration of activities for the financial year […]
