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Neutral Tax Policies Might Provide More Supportive Environments for Innovation than R&D and Patent Tax Incentives
April 19th, 2021R&D Tax Incentives, like we have in Australia, are intended to drive innovation, and thus productivity and value in the global economy. By reducing the tax costs of those investments, policymakers believe that companies have an added reason to take risks to perform innovation that they may not typically take. However, not every country has tax tools used to incentivize spending on R&D and develop patented innovations, and of those that do, not all are the same. A recent Tax […]
ATO Announces That “Collaborative Workshop Will Be Conducted Shortly” In Respect Of Software R&D Activity
April 12th, 2021The AFR reported earlier in the year that leading technology companies (including Atlassian, Airtasker, Canva and Deputy, among others) had sent a letter to the ATO offering to convene a workshop with the ATO to “improve the understanding of software innovation in the tax office and, conversely, address any concerns the ATO has about software related claims.” Under the “matters under consultation” section of the ATO website, it is now noted that: A collaborative workshop will be conducted shortly; The […]
R&D Tax Registration Deadline for YE 30 June 2020 is April
April 6th, 2021Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2020 (ie FY20 – last financial year) who are yet to do so should note that the Registration Deadline is 30 April 2021. Last year, AusIndustry applied a blanket extension to all companies’ FY19 R&D Applications due to COVID. We are of the understanding that this blanket extension will NOT be available for FY20 applications, and the 30 April 2021 statutory deadline (10 months after the end of the financial […]
Federal Court Appeal Finds in Favour of ATO for Recovery of R&D Offset
March 29th, 2021On 19 March 2021, a decision in the appeal of The Federal Court case of Commissioner of Taxation v Auctus Resources Pty Ltd [2021] FCAFC 39 was handed down. In the preceding case, Auctus Resources Pty Ltd v Commissioner of Taxation [2020] FCA 1096, The Federal Court found that the ATO was not able to use s.8AAZN of the Tax Administration Act 1953 (a provision related to Overpayments made by the Commissioner under taxation laws) to recover a tax refund relating to an R&D tax offset refund in […]
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News & Research
News & Research
News & ResearchDraft AusIndustry Determination on Clinical Trials (Phase 0-III) for an Unapproved Therapeutic Good
AusIndustry has recently released a draft Industry Research and Development (clinical trials, Phase 0, I, II, III for an unapproved therapeutic good) Determination 2021 for consultation and feedback. This is the first R&D Tax Incentive determination published, and AusIndustry noted […]
ATO Release Finalised Tax Ruling TR 2021/9 (Adjustments to R&D Claims for Job Keeper)
In July 2020, The ATO released TD 2020/D1: Income tax: notional deductions for research and development activities subsidised by JobKeeper payments. The ruling outlined the need for companies that are subject to both the R&D Tax Incentive and JobKeeper to […]
