Administration of the R&D Tax Incentive is undertaken in accordance with the Industry Research and Development Act 1986. The Australian Government has made new versions of 2 legislative instruments under this Act: Industry Research and Development Regulations Industry Research and Development Decision-making Principles The previous versions of these instruments had sunset clauses that were due to automatically expire this year. The instruments have been remade, and remain broadly the same as was previously in place. The main notable change is […]
In the previous federal budget handed down in May 2021, the government announced that the Board of Taxation (Board) would undertake a review to evaluate the dual‑agency administration model for the Research and Development Tax Incentive (R&DTI). The Board was requested to evaluate the R&DTI dual agency administration model, with a view to identifying opportunities to reduce duplication between the two administrators, simplify administrative processes, or otherwise reduce the compliance costs for applicants. Swanson Reed participated in the consultation during […]
Companies seeking to register R&D activities conducted during the year ended 30 June 2021 (companies that have a standard YE for tax) who are yet to do so should note that the registration deadline is 10 months after YE, on 30 APRIL 2022. The blanket and automatic extensions granted due to the COVID-19 pandemic do not apply any longer or for FY21 claims. AusIndustry have released in their March 2022 update bulletin a summary of issues relevant to the pending […]
Companies seeking to register R&D activities conducted during the Year Ended 30 June 2021 (companies that have a standard YE for tax) who are yet to do so should note that the registration deadline is 10 Months after YE, 30 April 2022. The blanket and automatic extensions granted during COVID do not apply any longer or for FY21 claims. Many companies in QLD and NSW have recently been impacted by natural disasters, and extensions of time to lodge registrations may […]