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R&D Tax Credit

ATO Release 2022 R&D Schedule Including Changes

June 2nd, 2022

R&D claims for the YE 30 June 2022 involve a number of changes from prior years, reflective of the legislative amendments arising in the October 2020 budget. These amendments change the mechanisms for calculation and reporting of R&D tax offsets to the ATO, which also presents the need for corresponding changes in the company tax return. In late May 2022, the ATO released its Research and Development Tax Incentive Schedule 2022 (NAT 73794) with corresponding changes to the labels within. […]

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Media Coverage of Change in Government Implications for the R&D Tax Incentive

June 1st, 2022

Going into the federal election held on 21 May 2022, it was not expected that the R&D Tax Incentive was to be impacted (in the short term at least), and there were not any announcements during the campaign that have been R&D tax specific. This was so, since recent legislative amendments to the R&D Tax Incentive had only recently commenced after the October 2020 bi-partisan enactment of the underlying law, and it would be unlikely for further change to happen […]

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ATO Debts on Hold Will Again be Used to Offset Tax Refunds or Credits Starting June

May 23rd, 2022

Accountants Daily have reported an ATO announcement that ‘debts on hold’ will again be used to offset tax refunds or credits starting next month. A non-pursued debt is a debt that has been placed on hold and is not visible on the balance of a taxpayer account. When a debt is placed on hold, the ATO do not undertake any collection action, usually because it is not economical to do so. A debt deemed uneconomical for collection action will be […]

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State of R&D Tax Policy Heading into Federal Election

May 16th, 2022

The federal election is due to be held Saturday, 21 May 2022. Thankfully, after years of instability and uncertainty, it is not expected that the R&D Tax Incentive will be impacted by the upcoming election campaign (in the short term at least), and there have not been any R&D Tax specific announcements. This is the case, as recent legislative amendments to the R&D Tax Incentive have only recently commenced after the October 2020 bi-partisan enactment, and it would be unlikely […]

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