When processing R&D Applications and R&D Schedules, both AusIndustry (DISR) and the ATO have processes in place to conduct integrity checks of claims and identity claims for compliance activity. Claims found to have anomalies, or that may require more detailed compliance will likely be subject to delays in processing of R&D tax offsets. On 17 July 2024 the ATO posted updated guidance that notes issues that may be the subject of initial registration checks and delays. These registration/integrity reviews may be over […]
Companies seeking to claim expenditure for overseas activity incurred by an Australian company under the R&D Tax Incentive must apply separately to claim these costs by first lodging an Overseas Finding Application with AusIndustry. Also, companies seeking AusIndustry’s view on eligibility of activities can lodge an Advance Finding Application with AusIndustry. Ausindustry have announced this week that an updated version of the Advance and Overseas Finding (AOF) form is now available through the R&D Tax Incentive customer portal. All  applicants are now required to […]
The latest annual report from the OECD has noted that Australia’s R&D tax incentives are among the most generous in the developed world. An article by the Accounting Times has covered the OECD report well and detailed ket points from the report including: Australia was one of a handful of countries that provided two-thirds or more of its government support for business R&D through tax incentives; Generous R&D tax relief provisions compensate for relatively low levels of support through direct […]
Swanson reed is providing an update on the R&D Tax Incentive at an event on Thursday, July 25th, 2024 in Brisbane presented by MSIA (Medical Software Industry Association). The 2024 MSIA Brisbane event is being held in conjunction with the Australian Digital Health Agency (ADHA) to provide a full day of updates and insights in Digital Health. Swanson Reed’s update will provide an update on R&D Tax including insight into current policy discussions leading into the upcoming review of Australia’s […]