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Government Policy and Treasury

Swanson Reed presenting R&D Tax update at MSIA Event – July 2024

July 15th, 2024

Swanson reed is providing an update on the R&D Tax Incentive at an event on Thursday, July 25th, 2024 in Brisbane presented by MSIA (Medical Software Industry Association). The 2024 MSIA Brisbane event is being held in conjunction with the Australian Digital Health Agency (ADHA) to provide a full day of updates and insights in Digital Health. Swanson Reed’s update will provide an update on R&D Tax including insight into current policy discussions leading into the upcoming review of Australia’s […]

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Industry Minister comments and Government R&D Policy leading into budget (May 2024)

May 13th, 2024

May 2023 will mark the Labor government’s third budget in this term.   Industry Minister Ed Husic has not seemed to make any significant comments about the R&D Tax Incentive programme this year, and announcements so far have included: A “Health Research for a Future Made in Australia” package which has a total investment of $1.89 billion; Boosts for skills and training; Investments in quantum computing; Rollout of The national reconstruction fund;   The last R&D Tax Specific announcement, seemed to […]

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2023 Annual Report for IISA: Update on R&D Tax Legal matters and litigation

April 8th, 2024

Industry Innovation and Science Australia (IISA) is the government department responsible for determining whether companies’ activities meet the legislative criteria eligible under the R&D Tax Incentive. The 2022-23 Annual Report for IISA was recently released, and a section of the report provides an update on legal matters and litigation relevant to the department. When comparing the 2022-23 Annual Report with the equivalent publications from previous years, a continued decline in the number of R&D Tax disputes arising between companies and […]

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Government Proposes Enormous Increase in Maximum Fines for Firms Engaged in Tax Exploitation Schemes

August 14th, 2023

In response to the recent scandals in the tax profession, the Government has proposed to increase maximum fines on firms engaged in tax exploitation scheme by around 100 times. The move would see firms face fines of up to $780m for exploiting tax loopholes, and other changes made to regulators’ powers. The promoter penalty laws are concerned with arrangements that avoid or evade tax, and where the benefit claimed isn’t available under the tax laws. They are collectively referred to […]

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