Companies seeking to register R&D activities conducted during the Year Ended 30 June 2021 (companies that have a standard YE for tax) who are yet to do so should note that the registration deadline is 10 Months after YE, 30 April 2022. The blanket and automatic extensions granted during COVID do not apply any longer or for FY21 claims. Many companies in QLD and NSW have recently been impacted by natural disasters, and extensions of time to lodge registrations may […]
The 2022 Federal Budget is due to be held in March 2022, which is earlier than the usual May timing, due to this year’s election. In the belated federal budget handed down in October 2020 (delayed due to COVID), reforms to the R&D Tax Incentive were a centrepiece. Leading up to the 2020 budget, the government was proposing substantial changes to the R&D Tax Incentive which were aimed at reducing the cost of the programme, but that had not yet […]
In the October 2020 budget, the Government introduced and augmented stimulus measures to encourage investment and allow eligible businesses to claim an immediate deduction for the cost of an asset in the year the asset is first incurred. This included measures for Temporary Full Expensing (TFE) of assets that an entity first acquires/installs between 7:30pm AEDT on 6 October 2020 (the 2020 Budget time) and 30 June 2022. Subject to certain conditions around how an asset was acquired, held and […]
Swanson Reed has made available on our website a series of new videos, updated in March 2022, covering recent developments in the R&D Tax Incentive. The videos within our series seek to explain key guidance publications and principles used by the ATO and AusIndustry during their compliance assessments, as well as an overview of recent legislative changes to the programme. Content for these videos has, where relevant, been based on guidance publications released by the ATO and AusIndustry. The current […]