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Government Policy and Treasury

Board of Taxation Review of the R&D Tax Incentive Recommends No Major Changes

April 4th, 2022

In the previous federal budget handed down in May 2021, the government announced that the Board of Taxation (Board) would undertake a review to evaluate the dual‑agency administration model for the Research and Development Tax Incentive (R&DTI). The Board was requested to evaluate the R&DTI dual agency administration model, with a view to identifying opportunities to reduce duplication between the two administrators, simplify administrative processes, or otherwise reduce the compliance costs for applicants. Swanson Reed participated in the consultation during […]

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Federal Budget March 2022 – R&D Tax Incentive Update (no major changes, thankfully!)

March 30th, 2022

Leading into the May 2021 and March 2022 budgets, there were no anticipated changes proposed to the R&D Tax Incentive, since the previously announced changes for FY22 had only recently been legislated and commenced. Based on a preliminary review of the 2022 budget material, no material changes seem to have been proposed to the R&D Tax Incentive, which, after a tumultuous period over the past decade, is good news! Interestingly, in the 2022 budget papers for the Industry, Science, Energy […]

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Federal Budget in March 2022 – R&D Tax Incentive is Again Not Likely to be a Focus…(Hopefully)

March 14th, 2022

The 2022 Federal Budget is due to be held in March 2022, which is earlier than the usual May timing, due to this year’s election. In the belated federal budget handed down in October 2020 (delayed due to COVID), reforms to the R&D Tax Incentive were a centrepiece. Leading up to the 2020 budget, the government was proposing substantial changes to the R&D Tax Incentive which were aimed at reducing the cost of the programme, but that had not yet […]

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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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