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Proposed $20B R&D tax exclusions supported
January 24th, 2014On 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 […]
Draft Taxation Determination TD 2013/D9 released by ATO for public comment
December 12th, 2013Last 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 […]
Desalination Technology Pty Ltd v Commissioner of Taxation [2013] AATA 846
December 11th, 2013Federal 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 […]
R&D tax exclusions are referred to Senate
December 11th, 2013The 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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News & Research
News & Research
News & ResearchATO and AusIndustry Joint Podcast on R&D Tax Incentive
AusIndustry and the ATO have published a joint podcast on business.gov.au this week, featuring Brett Challans (ATO) and Kelly Wiggins (DISER). The podcast discusses key R&D Tax Incentive issues relevant to each department, including: Eligible entities; The self-assessment process; Categories […]
Record Penalty Imposed for Promotion of Schemes Involving R&D Tax Incentive
The Federal Court has imposed a record penalty of $22.68M on Mr Paul Enzo Bogiatto and his associated companies for a contravention of promoter penalty involving tax exploitation schemes relating to the R&D Tax Incentive between 2012 and 2015. Mr […]
