Alchemia (ASX:ACL) has received an additional $8.8 million rebate as part of the R&D Tax Incentive Scheme. The new rebate for FY13 brings the total funds Alchemia has received under the R&D incentive scheme over the last 12 months to over $13 million. In December, Alchemia won approval from AusIndustry to apply for incentive credits for non-Australian R&D conducted by business unit Alchemia Oncology. In a filing, the company said its FY13 rebate includes claims from both overseas and domestic R&D, […]
The Tax Laws Amendment (2013 Measures No. 4) Bill 2013 aimed to establish a new scheme for making refundable tax offsets available in quarterly installments. Under that proposed scheme, eligible small and medium companies would access installments on a quarterly basis in anticipation of claiming the 45 per cent research and development refundable tax offset at the end of the income year. Â It is the first of its kind in Australia. However, with a new Parliament comes a new plan […]
Changes to the definition of eligible activities; uncertainties around the definition of new terms, such as dominant purpose; and recent decisions handed down in the Administrative Appeals Tribunal (AAT) regarding substantiation have all contributed to additional uncertainty for taxpayers during the transition to the new R&D Tax Incentive. In the AAT, a number of decisions have been handed down, deciding against taxpayers on the basis that the documents provided were insufficient or inappropriate for substantiating the R&D claims. While the […]
The recent AAT decision, Vision Intelligence Pty Ltd and Innovation Australia [2013] AATA 527 was a taxation appeals case that related to a taxpayer’s calculation of expenditure items within its R&D tax claim submission and the possible penalties the ATO may impose on that taxpayer for recklessness in the calculation. This case is relevant to companies that wish to reassess their ‘risk profile’ and ‘reasonable care’ position with respect to the R&D Tax Incentive. Background Vision Intelligence (or the Applicant) engaged a management […]