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AusIndustry Lodgement Concessions on Finding Applications due on 30 June 2020
April 20th, 2020Companies seeking to claim overseas expenditure, or seeking an advance determination on eligibility of a project must lodge a finding Application period to the end of the financial year in which the activity is first conducted (i.e. 30 June for activities in FY20). During a finding process, AusIndustry provides a binding determination of eligibility, and an enormous amount of work must be put into such applications, including the collation of a vast amount of supporting evidence. There is no provision […]
R&D Tax Incentive Advocate CSL Rapidly Adapts R&D Effort to focus on COVID-19
April 14th, 2020The Australian newspaper has digested the ASX announcement of CSL late last week and detailed how the company, which recently has overtaken CBA as the largest cap stock on the ASX, has rapidly adapted its R&D Effort in response to the COVID-19 situation. The article reports: The health challenges presented by COVID-19 have led to delays in the ability to conduct clinical trials and to progress candidates within the company’s existing pipeline; CSL remains on track to invest 10% of […]
Using R&D Tax Incentive to Make the Most of Downtime During COVID-19 Disruptions
April 6th, 2020The current COVID-19 pandemic presents business with a difficult and uncertain period. The disruptions are multifaceted, and may impact upon: A company’s ability to legally trade or demand for their output; Logistics of transporting a company’s supply inputs, output or people; Access to cash and working capital from customers and investors; Working arrangements and the togetherness of company staff These challenges present the need for companies to rapidly adapt their business models in order to survive. Swanson Reed has been encouraged […]
InnovationAus Reports Proposed Changes to the R&D Tax Incentive are Now Unlikely to Pass
March 30th, 2020InnovationAus has reported this week that proposed changes to the R&D tax incentive are now unlikely to pass as legislation this year: A reform bill proposing controversial changes to the R&D Tax Incentive for FY20 was being considered by the Senate prior to the onset of the Covid-19 situation. This bill is a slightly modified version of a previous reform bill (Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018), which did not pass through […]
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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 […]
