Swanson Reed News

H2O Exchange Pty Ltd and Innovation and Science Australia (Taxation) [2019] AATA 4195 (14 October 2019)

October 31st, 2019

Introduction A recent case heard in the AAT has affirmed a previous decision by Innovation and Science Australia (AusIndustry) finding that Activities registered under the R&D Tax Incentive were not in accordance with the legislative requirements. The case: H2O Exchange Pty Ltd and Innovation and Science Australia (Taxation) [2019] AATA 4195 from 14 October 2019 refers to a company that registered R&D activities for the FY14 and FY15 periods. Background The project registered related to the development of an online platform for the cross-border (inter-state) trading of water […]

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NSW establish R&D Advisory Council as BCA calls for more national action to address Australian decline

October 28th, 2019

The AFR has reported that the NSW Government is to form a new advisory council, chaired by David Gonski with a brief to make NSW “the R&D leader within Australia and a world-class contributor”. Forming of the NSW R&D council has also come among calls from the Business Council of Australia for more to be done nationally. The AFR article highlights that Australia has fallen to 22nd in the latest Global Innovation Index, which measures a country’s inventiveness from research and […]

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Fintechs declare access to strong R&D Tax Programmes key to keeping R&D in Australia

October 18th, 2019

The Age has reported the results of a recent EY census of Fintech companies, which has found consensus among respondents who consider that having access to strong R&D tax programs increased the likelihood of keeping their business onshore rather than moving overseas. The census paper noted that: “Generous R&D tax incentive programs are available overseas and for Australia’s nearest neighbors Indonesia, Hong Kong and New Zealand, are seeing increased funding from governments with popular support from industry,” “Australia must be competitive […]

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Monadelphous discloses it will submit no R&D claim for current period

October 15th, 2019

As has been reported in the media previously, MONADELPHOUS GROUP LIMITED has recognised a 6.3M provision in its FY19 results with respect to a potential repayment of base tax liability for disputed R&D Claims in the FY15 and FY16 periods. Monadelphous announced to the ASX in May 2019 that the company had received notices of amended assessments from the ATO relating to findings by Innovation Australia that R&D Activities registered in the FY15 and FY16 periods were not eligible, and […]

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Bryce Steele
Principal, Melbourne
Tel: (03) 9018 5778
Mob: 0435 713 493
Tom Parkhouse
Principal, Sydney
Tel: (02) 8006 0559
Mob: 0435 713 493
Andy Nguyen
Principal, Brisbane
Tel: (07) 3221 1499
Mob: 0407 750 249
Kieu McKellar
Manager, Adelaide
Tel: (08) 8121 7850
Mob: 0435 713 493
David Greatwich
Principal, Perth
Tel: (08) 9340 3745
Mob: 0468 386 250
Krishna Gungaram
Manager, Hobart
Tel: (03) 9018 5778
Mob: 0435 713 493

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