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AusIndustry update confirms applications lodged well before deadline are subject to faster processing (take action now for FY24 deadline)

February 7th, 2025

The deadline for FY24 R&D Claims (for the YE 30 June 2024) is fast approaching. In an update published in late January, AusIndustry have confirmed that leaving lodgement until close to the deadline will understandably lead to longer processing times for R&D Registrations. The update notes: We recommended lodging your application for the 2023-24 financial year now, instead of waiting until the end of April. The time of year you submit your application can impact the time it takes for […]

If R&D Tax Law is going to be changed effective 1 July, (as announced in the FY25 MYEFO), how about making these changes too?

January 30th, 2025

A surprising announcement was made by The Government in the FY25 MYEFO released in late December 2024, which took the unprecedented step of announcing an eligibility restriction to be applied to specific sectors. The MYEFO budget papers noted: The Government will exclude activities related to gambling and tobacco from Research and Development Tax Incentive eligibility for income years starting on or after 1 July 2025. Research and development activities related to gambling can exacerbate addiction and associated harms, while activities related […]

Potential Impact of Incoming US Government on Australian Business and R&D Tax Policy

January 20th, 2025

Following the US election in 2024, a new Government will be installed in the US during January 2025. The impact of the new Trump Government on US R&D and tax policy is not immediately clear, and it may impact some industries differently to others. Possible impacts may include: there will be a clear push to favor US based manufacturing via tax and tariff measures; media commentary notes that the incoming US president is expected to reduce support for research on the environment […]

Business Council renews calls for increase to R&D Tax Incentive Expenditure Cap

January 13th, 2025

The initial cap on eligible expenditure under the R&D Tax incentive was originally introduced around 2015 and set at $100 million. The R&D Tax Incentive (Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019 then introduced adjustments to the intensity threshold ranges, increasing the cap on claimable R&D expenditure from $100 million to $150 million. In recent years there has been public criticism from industry leaders such as Dig Howitt, the CEO of Cochlear noting that the current tax regime hinders large companies’ […]