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 lodging an Overseas Finding Application with AusIndustry. In addition to general eligibility criteria, there are specific and extensive rules to determine whether expenditure on overseas activities is eligible under the R&D Tax Incentive. Generally, R&D activities conducted overseas can only be eligible for the R&D Tax Incentive where: The activity to be conducted overseas has a […]
The Labor Government previously handed down their first (mini) budget in October 2022 and has now handed down their first full budget in the traditional May timeslot. Leading into this budget, there was not anticipated to be any changes proposed to the R&D Tax Incentive, since the previously announced changes for FY22 had only recently been legislated by the previous Coalition government, and were passed with support from the (then) Labor Opposition. Industry Minister Ed Husic had also noted […]
A recent AAT Decision dated 26 April 2023 (LAKES OIL NL and INNOVATION AND SCIENCE AUSTRALIA (Taxation) ) has found a company’s registered activities were not eligible under the R&D Tax Incentive. The project under scrutiny in the case is entitled “Project 1 – LAK2006 ‘Hydraulic Fracturing Technology for Gippsland Tight Gas’”. The dispute was focused on a registration in the FY14 and FY15 period. During the case INNOVATION AND SCIENCE AUSTRALIA contended that: the activities undertaken were not experimental […]
On Wednesday 3 May, the federal government released Australia’s first National Quantum Strategy. Australian investment in quantum technologies is urgently needed, says Industry Minister Ed Husic, Australia led the world in offering postgraduate quantum physics qualifications 30 years ago, and today has more than 20 world-leading quantum companies operating in the country, but Minister for Industry and Science Ed Husic warned that Australia can’t afford to be “left behind in a post-quantum world” amid unprecedented global geostrategic competition. The National […]