Swanson Reed News

ATO ruling on software development

March 20th, 2014

On 12 March 2014, the ATO issued Taxation Ruling TR 2014/1 titled “Income tax: commercial software licensing and hosted agreements: derivation of income from agreements for the right to use proprietary software and the provision of related services”. This ruling deals with when commercial software developers derive income for the purpose of s 6-5 of the Income Tax Assessment Act (ITAA) 1997 from: (i) licence agreements for proprietary software; and (ii) hosted or cloud arrangements for use of proprietary software. […]

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Large firms to be denied R&D tax incentives

March 18th, 2014

This afternoon, the Senate Economics Legislation Committee (“the Committee”) tabled their report into the Tax Laws Amendment (Research and Development) Bill 2013 (“the Bill”). As it stands, the Bill proposes that companies with an aggregated assessable income of $20 billion or more are to be denied access the R&D Tax Incentives. The Bill is expected to save approximately $1 billion annually and apply to income years commencing on or after 1 July 2013. The Committee recommended that the Bill be […]

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Lodgement Timing Differences

March 16th, 2014

The Industry Research and Development Act 1986 requires all applications for registration to be received by the IR&D Board within 10 months of the end of your company’s financial year end. For example, a December year-end company must lodge its application by 31 October of the following year. A June year-end company must lodge its application by 30 April of the following year. The ATO tax return lodgement date for large and new companies is considerably less than 10 months and for smaller existing companies is greater […]

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Advanced and Overseas Findings

March 16th, 2014

An Advanced Finding is a binding decision from Innovation Australia about the eligibility of a company’s activities under the R&D Tax Incentive. It operates similar to a private ruling request and has the intention to provide certainty for companies. Similarly, an Overseas Finding is a binding decision that relates to overseas activities and expenditure. There are specific rules surrounding the inclusion of overseas expenditure within a company’s Australian R&D Tax Claim. A company must seek approval to claim the overseas […]

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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
Krishna Gungaram
Manager, Hobart
Tel: (03) 9018 5778
Mob: 0435 713 493



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