Swanson Reed News

Media Coverage of Business Reaction to Review of Australia’s R&D System

May 22nd, 2024

In the wake of the recent 2024-25 federal budget announcement that the government will conduct of review of Australia’s research and development system, business leaders have been quick to declare that any change must NOT seek to reduce R&D tax incentives. This was highlighted in an article published by The Australian Financial Review last week. The independent expert review, expected to span 18 months, is part of a strategic effort to halt the decline in Australia’s R&D investment, which has reached a two-decade […]

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Federal Budget May 2024 – No changes to R&D Tax Incentive, Strategic examination of Australia’s R&D System Flagged

May 15th, 2024

Leading into the May 2024 budget, no changes were anticipated to be made to the R&D Tax Incentive; however, recent media reports in 2024 floated the idea of the Government conducting a review of the programme for potential future changes. Based on a preliminary review of the 2024 budget material, no material changes seem to have been proposed to the R&D Tax Incentive, which is good news. In the budget papers for the TREASURY PORTFOLIO, the budgeted expenses for the Research & Development Tax Incentive are noted as: 2023-24 Estimated actual: $4,783,200,000; 2024-25 Budget: $4,474,720,000; 2025-26 Forward estimate: $4,609,984,000; 2026-27 Forward […]

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Industry Minister comments and Government R&D Policy leading into budget (May 2024)

May 13th, 2024

May 2023 will mark the Labor government’s third budget in this term.   Industry Minister Ed Husic has not seemed to make any significant comments about the R&D Tax Incentive programme this year, and announcements so far have included: A “Health Research for a Future Made in Australia” package which has a total investment of $1.89 billion; Boosts for skills and training; Investments in quantum computing; Rollout of The national reconstruction fund;   The last R&D Tax Specific announcement, seemed to […]

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Changes to Breach reporting under the Tax Agent Services Act and Implications for The R&D Tax Incentive

May 7th, 2024

The Tax Practitioners Board (“TPB”) has recently taken steps to reinforce the laws surrounding registered tax agents and BAS advisors in understanding breach reporting obligations. This move comes in response to a series of controversies within the industry. Significant changes are set to commence from 1 July 2024, which includes new obligations for tax practitioners to report ‘significant breaches’ of the Code of Professional Conduct (Code) in the TASA relating to their own conduct, and conduct by other registered tax practitioners. Draft guidance […]

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Alex Chisholm
Principal, Melbourne
Tom Parkhouse
Principal, Sydney
Andy Nguyen
Principal, Brisbane
Holly Parkinson
Manager, Adelaide
David Greatwich
Principal, Perth
Krishna Gungaram
Manager, Hobart

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