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R&D Tax Credit

R&D Tax Incentive Crackdown For Software Claims

December 4th, 2018

Reports have emerged in the media recently of software development companies that have been subject to adverse R&D Tax Compliance proceedings. Whilst the benefits available under the R&D Tax Incentive are significant, these reports affirm the need to ensure R&D claims are completed with diligence, and in accordance with the current reporting expectations. Recent publications from ATO and AusIndustry on software development activities have highlighted current regulatory compliance focuses, which include the need to: Detail the specific hypothesis, or central […]

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Draft Legislation Released for R&D Tax Incentive

July 3rd, 2018

The Government announced on 8 May 2018 that the Research and Development Tax Incentive (R&DTI) would be reformed and that changes would apply from 1 July 2018. Draft legislation has been released regarding amendments to the R&DTI. Stakeholder feedback is encouraged and responses can be submitted until 26 July 2018. Changes to the Bill include: Increasing the R&D expenditure threshold from $100 to $150 million; Introducing a $4 million cap on annual cash refunds (the cap excludes clinical trials). Refunds over […]

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R&D Tax Incentive Changes Announced in 2018-19 Budget

May 9th, 2018

In response to the recommendations in the ‘2016 Review of the R&D Tax incentive’ the government has announced proposed R&D Tax Incentive changes within the 2018-19 Federal Budget released yesterday, 8 May 2018. The changes take on board some recommendations from ISA’s previous review of the programme, along with some of the government’s own savings and integrity measures. The R&D Tax Offset rate will change, commencing for years on or after 1 July 2018. For companies claiming the refundable offset with […]

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QLD Company fined over $4 million due to incorrect R&D tax claims

March 26th, 2018

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 […]

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