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R&D Tax Credit

ATO Release New Draft Tax Ruling TR 2021/D3 (R&D Tax Offsets: The At Risk Rule)

June 28th, 2021

Under SECT 355.405 ITAA97, an entity cannot claim R&D expenditure in situations where: (a) when an entity incurs R&D expenditure, consideration had been received, or was reasonably expected to be received: as a direct or indirect result of the expenditure being incurred; and regardless of the results of the activities on which the expenditure is incurred; and (b) that consideration is equal to or greater than the expenditure. The spirit of this provision is to ensure companies only receive a […]

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Observations from new online R&D Tax Incentive customer portal

June 4th, 2021

Over 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 […]

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AusIndustry Release Draft of New Software Guidance for Consultation

May 31st, 2021

AusIndustry 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 […]

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Federal Budget 11 May 2021 – R&D Tax Incentive Update

May 12th, 2021

For 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 […]

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