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Draft Legislation Released for R&D Tax Incentive
July 3rd, 2018
The Government announced on 8 May 2018 that the Research and Development Tax Incentive (R&DTI) would be reformed and that changes would apply from 1 July 2018.
Draft legislation has been released regarding amendments to the R&DTI. Stakeholder feedback is encouraged and responses can be submitted until 26 July 2018.
- Increasing the R&D expenditure threshold from $100 to $150 million;
- Introducing a $4 million cap on annual cash refunds (the cap excludes clinical trials). Refunds over this amount may be carried forward into future years as a non-refundable offset;
- Companies with an annual turnover over $20 million will be entitled to an increased R&D tax offset rate equal to their corporate tax rate plus a premium based on R&D intensity;
- Companies with an annual turnover below $20 million will be able to receive an R&D tax offset rate equal to their corporate tax rate plus a 13.5 percent premium;
- Changes to the application of feedstock and clawback adjustments.
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Daniel McGregor2022-08-11I have been using Swanson Reed for my clients for more than a decade. Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients. Highly recommended.
John2022-06-15Damian and the rest of the team at Swanson Reed have been supporting us for several years. We always appreciate their insights, expertise, and efforts.
Rueben Rajasingam2022-06-06Experienced responsive Team. They have been a great help to me and my company navigate the R&D tax claim process and have provided invaluable advice.
Enrique Esquivel2022-06-06Damian and the team at Swanson Reed have been extremely helpfully and professional during all of our consultations. Highly recommended.
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Anatole Kononewsky2022-06-02The Swanson Reed team have provided our company with exceptional professional advice and assistance for all of our R&D claims for many years - have always achieved great results with excellent value for their services.
Payam Toloo2022-06-02Damian Smyth and his team are very helpful, supportive and experts in their field of R&D Tax claims. I'm always happy with the work they do and been a customer of their for over 5 years.
Melissa Doddy2022-05-31The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end. Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.
Gary Watson2022-05-31We can highly recommend Swanson and Reed as an R & D accountant. We have worked with them for several years now as they make our R & D claim so easy and communicate quickly with both us and our accountant.
Rob van den Bergh2022-05-31Always professional.
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