Over recent months, a number of companies have reported to the ASX receipt of substantial Refundable R&D Tax Offsets. Notable receipts include: Recce Pharmaceuticals (ASX: RCE) received $2.6 M related to its anti-infective platform; Latrobe Magnesium (ASX: LMG) received $12.5 M related to Magnesium extraction technology; Group 6 Metals (ASX:G6M) received $14.3 M related to processes for producing higher value tungsten products Orthocell Limited (ASX: SNT) received $3.05 M related to its mobility regeneration technology; Botanix (ASX: BOT) received $3 […]
Companies are now able to register R&D Activities conducted during the year ended 30 June 2024 (FY24) with AusIndustry. For the FY24 period, the application process is again administered through the new online AusIndustry customer portal which was introduced for the prior FY21 period. We understand that the AusIndustry activity disclosure requirements for FY24 are not materially different to prior years. In addition, as the major changes for calculation of R&D Tax Offsets (disclosed in the ATO R&D Schedule) arose […]
The R&D Tax Incentive, includes a related party integrity provision whereby if a company incurs R&D expenditure to an associate, it must pay that amount in the same year to claim a notional deduction for that amount in that year (provided all other eligibility requirements for the R&D tax incentive are met). Associates are those entities that, by reason of family or business connections, might appropriately be regarded as being associates of the R&D entity, and relevant examples of the […]
A feature article authored by Swanson Reed is included in June 2024 volume of the Taxation in Australia. Swanson Reed’s article covers the recent R&D tax incentive taxpayer alerts released in December 2023 (TA 2023/4 and TA 2023/5).  These alerts primarily relate to whether entities registering R&D activities and claiming R&D tax offsets can be shown to be the entity for whom the registered R&D activities are conducted, as required by law. TA 2023/4 and TA 2023/5 indicate that the […]