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R&D Tax Credit
AFR reports that government will back down on R&D Tax budget reforms
October 2nd, 2020In December 2019, the government re-introduced a bill to reform the R&D Tax Incentive. This bill was a slightly modified version of a previous reform bill (Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018), which did not pass through the Senate at that time. A Senate Economics Legislation Committee recommended in February 2019 that the initial bill should be deferred from consideration until further analysis of the bill’s impact […]
Argent Minerals (ASX:ARD) Announces Details of R&D Tax Dispute Settlement and Progression of Further Claims
August 17th, 2020Argent Minerals Limited has previously disclosed a liability in the company’s 2019 annual report for “R&D Claims repayable” of approximately $1.4M. This liability was in respect of R&D Tax Offsets for the FY16 and FY17 periods that AusIndustry had found related to ineligible activities. Argent Minerals Limited had, at the time reported that the company remained of the view that its R&D activities were eligible, and intended to pursue a dispute of the adverse finding. In May 2020, the company […]
COVID-19 and the R&D Tax Registration Deadline for YE 30 June 2019 (AusIndustry Announcement)
March 24th, 2020Our thoughts are with all who are directly impacted by the Coronavirus crisis, and we remain optimistic that the resolve of Australians will prevail. Swanson Reed has taken measures to protect our staff and clients, and will be fully functional throughout this crisis to support the needs of our stakeholders. The deadline for R&D Applications is specified in the INDUSTRY RESEARCH AND DEVELOPMENT ACT 1986 as 10 months after the end of an income year. The statutory deadline for companies to register […]
Industry Minister’s Comments to AFR regarding application of R&D Tax Incentive to Software
August 6th, 2019The AFR has reported that Industry Minister Karen Andrews (whose responsibility includes oversight of the R&D Tax Incentive) recently met with representatives of high profile Australian start ups and parties from venture capital firms. Attendees at the meeting included personnel from Airtasker, who had a previously lodged R&D claim found to be ineligible by regulators, which had been previously highly publicised in the media. Ms Andrews was quoted within the article as: being concerned by the dropping level of business […]
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News & Research
News & Research
News & ResearchIndependent Review of TPB Makes Reference to R&D Tax Practitioners
Regulation of the tax profession is the responsibility of the Tax Practitioners Board (TPB) which was formed following the Tax Agent Services Act 2009 (TASA)’s introduction. An independent review into the effectiveness of the TPB has been undertaken over recent […]
Commentary in Tax Institute’s TaxVine Journal calls for Stability to R&D Tax Incentive
This week’s TaxVine Journal (the weekly publication of The Tax Institute) featured some commentary from Mariana von Lucken of HLB Mann Hudd, supportive of the Government’s budget announcements and echoing Swanson Reed’s previous calls for stability to the R&D Tax […]
