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 […]
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 […]
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 […]
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 […]