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R&D Tax Credit

Extension of Temporary Full Expensing Provisions to 30 June 2023 and Applicability to R&D Assets

March 7th, 2022

In the October 2020 budget, the Government introduced and augmented stimulus measures to encourage investment and allow eligible businesses to claim an immediate deduction for the cost of an asset in the year the asset is first incurred. This included measures for Temporary Full Expensing (TFE) of assets that an entity first acquires/installs between 7:30pm AEDT on 6 October 2020 (the 2020 Budget time) and 30 June 2022. Subject to certain conditions around how an asset was acquired, held and […]

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Swanson Reed’s R&D Tax Update Videos: March 2022

March 2nd, 2022

Swanson Reed has made available on our website a series of new videos, updated in March 2022, covering recent developments in the R&D Tax Incentive. The videos within our series seek to explain key guidance publications and principles used by the ATO and AusIndustry during their compliance assessments, as well as an overview of recent legislative changes to the programme. Content for these videos has, where relevant, been based on guidance publications released by the ATO and AusIndustry. The current […]

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Airtasker Provide R&D Tax Update in Half Year Dec 2021 Results: Dispute Resolved

February 24th, 2022

Airtasker has previously been associated with the “compliance crackdown” on R&D Tax Incentive claims, particularly for software, after reports emerged in December 2018 that the company’s prior year claims were being disputed following ATO review. Airtasker’s dispute came around the time of other reported R&D tax disputes whereby companies such as CBA and Newcrest made disclosure of reduction to previously lodged self assessed R&D claims. Airtasker has subsequently completed a successful IPO, and an update was announced to the ASX […]

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Senate Committee Manufacturing Industry Inquiry Recommends Periodic Review of R&D, Commercialisation, and Investment Incentives

February 11th, 2022

The Senate Economics Committee has this week released its report of inquiry into the Australian manufacturing industry. The terms of reference of the inquiry included review of the role that government can play in assisting domestic manufacturing industry, with regard to research and development and other factors. Notable statistics from the report include: Australian investment in R&D has declined over the last 20 years and is well below the OECD average. Relative to Australia’s GDP, R&D expenditure is around 1.8 […]

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