Swanson Reed News

Proposed Changes To R&D Tax Incentive May Render Many Companies Ineligible

April 16th, 2018

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 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 […]

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Diversifying Board Members Could Be Key To Innovation

April 16th, 2018

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 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 […]

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Possible changes to $3 billion R&D tax incentive budget

April 5th, 2018

The 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. […]

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QLD Company fined over $4 million due to incorrect R&D tax claims

March 26th, 2018

Advisors 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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Bryce Steele
Principal, Melbourne
Tel: (03) 9018 5778
Mob: 0401 997 584
Tom Parkhouse
Principal, Sydney
Tel: (02) 8006 0559
Mob: 0411 718 565
Andy Nguyen
Principal, Brisbane
Tel: (07) 3221 1499
Mob: 0407 750 249
Sophie Mercer
Principal, Adelaide
Tel: (08) 8121 7850
Mob: 0435 713 493
David Greatwich
Principal, Perth
Tel: (08) 9340 3745
Mob: 0468 386 250
Myriam Risch
Manager, Hobart
Tel: (03) 9018 5778
Mob: 0401 262 591

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