Advisors and Business owners are being warned! A Queensland business has been fined over $4 million for encouraging clients to lodge overstated or ineligible R&D tax incentive claims. On Tuesday 20 March the Australian Taxation Office confirmed the fine had been secured in the Federal Court against a company and its director for breaching promoter penalty laws relating to financial services. The company has allegedly been involved in 10 schemes leading to eight business clients receiving more than $3 million […]
The Turnbull government’s “ideas boom” was not a hit with voters, with disruption being seen as either unrelatable or frightening by many. However, in a February 2018 interview with the Australian Financial Review, Michaelia Cash, Minister for Innovation and Jobs, advised that innovation was still an important part of the government’s agenda. Cash has been reassuring Australians that innovation and new technology have indeed been shown to create jobs, rather than reduce them. Senator Cash said that the majority of […]
Large international companies bring jobs to Australia in terms of sales, marketing and customer support. However, more jobs could be created if they also increased their R&D spend here. Why should multinational corporations undertake R&D in Australia? First off, they can take advantage of our top graduates. Australia has eight universities among the top 200 in the world and numerous companies are already partnering with Australian universities to develop innovative products. However, compared with countries like Korea, Germany, Israel and the […]
As a relief to many, no adverse changes were proposed to the R&D Tax Incentive within the Federal Budget delivered by the government on May 9. The R&D Tax Incentive has played an important role in attracting investment to Australia, particularly in knowledge intensive industries. It has also provided small business valuable working capital in the early stages of their life cycle. The government is still yet to respond to the Ferris, Finkel & Fraser review which recommended potential adverse […]