Swanson Reed News

Proposed $20B R&D tax exclusions supported

January 24th, 2014

On 5 December 2013 the Senate referred the Tax Laws Amendment (Research and Development) Bill 2013 to the Senate Economics Legislation Committee for inquiry and report. The Economics Legislative Committee inquiries allow interested parties to submit their views on the proposed changes. The deadline for submitting was 22 January 2014. There was an overwhelming response from the parties who submitted in opposition to the amendment. Swanson Reed stood out for its view that the proposed changes could bring about welcome […]

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Draft Taxation Determination TD 2013/D9 released by ATO for public comment

December 12th, 2013

Last week, the ATO released for public comment  draft Taxation Determination TD 2013/D9  “Income tax: when will Design Expenditure incurred by an R&D entity be included in the cost of a tangible depreciating asset within paragraph 355-225(1)(b) of the Income Tax Assessment Act 1997 (and therefore not able to be deducted under section 355-205)?” Submissions are due by 24 January 2014. The draft Taxation Determination is concerned with situations where an R&D entity incurs expenditure on various stages of design activities, connected […]

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Desalination Technology Pty Ltd v Commissioner of Taxation [2013] AATA 846

December 11th, 2013

Federal Court Decision – FCT v  Desalination Technology Pty Ltd Click Here Full Federal Court Decision – FCT v Desalination Technology Click Here This article is about the original Administrative Appeals Tribunal decision on matters of fact.  Please click here if you would like to access the Federal Court Appeal. In the matter of Desalination Technology Pty Ltd and Commissioner of Taxation [2013] AATA 846 (29 November 2013) (DST), the Administrative Appeals Tribunal (AAT) assessed whether the taxpayer was eligible for […]

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R&D tax exclusions are referred to Senate

December 11th, 2013

The newly proposed section 355-103 ITAA1997, providing an exception for large business in claiming the R&D Tax exclusions are referred to senate for further inquiry. The Tax Laws Amendment (Research & Development) Bill 2013 passed the lower house only days ago, but will be fully investigated by the Senate for economic impact. A report of the inquiry findings is expected on 17 March 2014. As of yesterday, the ALP has indicated it may withdraw its support for this measure over […]

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

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