Worksheet of new MYOB feedstock

March 11th, 2014

A feedstock adjustment must be included in a company’s assessable income when Tax Offsets for R&D Expenditure are obtained on products which are marketable or applied to a company’s own use. The addition to assessable income for feedstock adjustments was a key new requirement of the R&D Tax Incentive Regime.

In an effort to assist with tax compliance, companies currently using MYOB  will be required  to complete a feedstock worksheet outlining the basis of any relevant feedstock adjustment. Whilst this represents an additional compliance requirement, it should be viewed as a favourable change to assist companies and tax agents understand the mechanics and disclosure requirements of the feedstock provisions.

It is important to note that although the worksheet may assist in feedstock compliance, it  is not an official ATO reporting requirement.

A screenshot of the new MYOB feedstock worksheet is included below.

Please do not hesitate to contact your usual Swanson Reed representative  in the event you would like more information.

Feedstock

Feedstock worksheet

 

 

 

 

 

 

 

 

 

 

 

 

 

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