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Proposed Changes To R&D Tax Incentive May Render Many Companies Ineligible
April 16th, 2018In early April, Treasurer Scott Morrison confirmed an overhaul of the R&D Tax Incentive in the May federal budget. He stated that the government was closely examining recommendations from the Australia 2030: Prosperity Through Innovation plan, released by Innovation and Science Australia (ISA) in January. In an interview with the Australian Financial Review, Bill Ferris, Chair of Innovation and Science Australia, stated that he sees R&D tax refunds for smaller companies as more beneficial than those for larger companies. The […]
Diversifying Board Members Could Be Key To Innovation
April 16th, 2018Innovation requires teamwork and multiple perspectives. Individuals cannot solve every challenge alone. Therefore, innovation is more probable if the entire company is encouraged to generate ideas. Generally, a greater variety of ideas will result from teams with a greater variety of backgrounds and skills. Chair of Innovation and Science Australia, Bill Ferris, believes that diversity on company Boards is essential to increasing innovation. He suggests that Directors be appointed who are technical experts, younger or from diverse backgrounds. For many […]
Possible changes to $3 billion R&D tax incentive budget
April 5th, 2018The Australian Financial Review have today released an article in relation to the $3 billion R&D tax incentive May budget. During comments at the AFR wealth summit, Treasurer Scott Morrison indicated changes to the R&D tax incentive may be forthcoming in the upcoming May budget. The Government may choose to adopt the recommendations from the ISA report, one of which recommends bigger businesses being required to meet a 1 per cent intensity threshold before being eligible to claim non-refundable offsets. […]
QLD Company fined over $4 million due to incorrect R&D tax claims
March 26th, 2018Advisors and Business owners are being warned! A Queensland business has been fined over $4 million for encouraging clients to lodge overstated or ineligible R&D tax incentive claims. On Tuesday 20 March the Australian Taxation Office confirmed the fine had been secured in the Federal Court against a company and its director for breaching promoter penalty laws relating to financial services. The company has allegedly been involved in 10 schemes leading to eight business clients receiving more than $3 million […]
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News & ResearchProposed Changes To R&D Tax Incentive May Render Many Companies Ineligible
In early April, Treasurer Scott Morrison confirmed an overhaul of the R&D Tax Incentive in the May federal budget. He stated that the government was closely examining recommendations from the Australia 2030: Prosperity Through Innovation plan, released by Innovation and […]
Diversifying Board Members Could Be Key To Innovation
Innovation requires teamwork and multiple perspectives. Individuals cannot solve every challenge alone. Therefore, innovation is more probable if the entire company is encouraged to generate ideas. Generally, a greater variety of ideas will result from teams with a greater variety […]
