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Industry Portfolio to be Shared by Two Cabinet Ministers

October 5th, 2021

The Government announced the resignation of Christian Porter from the Industry portfolio in September 2021 after approximately 6 months in the role. Energy Minister Angus Taylor was then appointed acting Industry Minister following the departure of Christian Porter. The Government has now announced that the industry portfolio will be shared, with Defence Industry Minister Melissa Price taking on the extra responsibility of science and technology and Angus Taylor permanently taking on the industry aspect of the portfolio. Liberal MP Tim Wilson […]

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Australian Based Immunetep Ltd (ASX:IMM) receives $3.4M AUD in French R&D Tax Incentives

September 30th, 2021

ASX listed, Sydney based company Immunetep Ltd recently announced that it has received a €2,126,617 (around A$3,400,000) payment in cash from the French Government under its Crédit d’Impôt Recherche scheme (CIR). A similar magnitude payment was received in the previous year. The payment relates to activity the company is conducting in Paris to develop its novel Immunotherapy treatments. Immunetep Ltd also registers activities under the Australian R&D Tax Incentive and has previously reported the following receipts: YE 30 June 2018 […]

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Industry Minister Resignation and Appointment of Caretaker

September 23rd, 2021

Over the weekend, the Government announced the resignation of Christian Porter from the industry portfolio after approximately six months in the role. Energy Minister Angus Taylor will serve as acting Industry Minister for the time being. The industry portfolio has responsibility for the R&D Tax Incentive, and the programme is one of the largest budgetary expense items within the portfolio. Given the importance of the portfolio to Australia’s economy, we call on the Government to appoint a dedicated Industry Minister […]

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Promoters of Tax Avoidance Schemes Remain a Target of ATO’s Tax Avoidance Taskforce

September 20th, 2021

The ATO recently released a report titled Tax Avoidance Taskforce highlights 2020-21. The report has highlighted that: Activity over the past year achieved favourable promoter penalty outcomes in two Federal Court applications following investigations by the taskforce’s Promoters and Tax Exploitation Program, one of which involved exploitation of the R&D Tax Incentive; The ATO’s focus in the coming year will continue to be specialist large market advisors who promote and run tax avoidance schemes. The R&D tax matters identified in […]

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