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R&D Tax Credit

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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AusIndustry Conducting Briefing Session to Provide an Overview of the Refreshed Software Guidance

May 9th, 2022

In April 2022, AusIndustry released a new guidance document titled “Software-related activities and the Research and Development (R&D) Tax Incentive“. Whilst nothing in the new guidance is particularly surprising, there are some new principles which do not seem to have been explored in other guidance documents published in recent years. AusIndustry have planned briefing sessions on this guidance during May which will focus on: the design process to ensure industry relevance; the main changes from previous guidance, including changes to […]

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Digital Games Tax Offset – Draft Released Including Clarification of Interaction with R&D Tax Incentive

May 4th, 2022

Originally announced last federal budget was a refundable offset for digital games, to strengthen the digital games industry and develop local capability. Last month, the treasury published the Exposure Draft Explanatory Materials. The Digital Games Tax Offset (DGTO) proposes to insert a new division into the ITAA 1997 to provide a 30% refundable tax offset for eligible businesses that spend a minimum of $500,000 on qualifying Australian development expenditure related to the development of eligible games from 1 July 2022. […]

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