Swanson Reed News

How Does Australia Rank For Innovation?

March 22nd, 2017

Australia’s Rank for Innovation “Input” and “Output” Research indicates that Australia underperforms when it comes to commercialising its strong research base. A recent OECD paper found that Australia is behind in the technology race for what is termed “innovation output,” or exchanging knowledge and developing ideas to address a specific problem. Despite this, Australia performed very well in relation to “innovation input,” or originating new ideas, due in part to its world-class research institutions, ranking 8th out of 36 for […]

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R&D tax update – Issues relevant to building & construction claims

March 17th, 2017

The following R&D tax update seeks to provide information on recent developments affecting the operation of the incentive, and compliance issues relevant to the building and construction industry. Recent R&D Tax Offset and Income Tax Rate Changes The Budget Savings (Omnibus) Bill 2016 passed both houses of parliament in September 2016. Included within the Bill’s range of budget savings measures was a uniform 1.5% reduction in R&D tax offset rates, which will apply to R&D claims for income years starting on […]

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Taxpayer alert released by ATO for Software R&D Activities

March 1st, 2017

The Department of Industry, Innovation and Science and the Australian Taxation Office (ATO) have recently released joint taxpayer alerts on a range of R&D Tax issues. The alerts have highlighted issues identified by the ATO and AusIndustry, such as: Activities registered being ordinary business activities that are not eligible for the R&D Tax Incentive; Expenses included in the calculation of claims that are not for amounts that relate to eligible R&D activities; Expenses included in the calculation of claims that relate to […]

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R&D Tax Incentive for ordinary business activities under ATO review

February 24th, 2017

  Business operators and advisors are being warned that the Australian Tax Office (ATO) are reviewing tax incentive claims made for ordinary business activities. The following review is intended to target the misuse of R&D claims, and anyone deliberately exploiting the tax breaks will be pursued in court.     Misuse of R&D tax incentives consist of: A company registers one or more activities for the R&D Tax Incentive. Some or all of the activities registered are broadly described and non-specific. […]

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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: 0411 718 565
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
Sarah Guan
Manager, Hobart
Tel: (03) 9018 5778
Mob: 0401 262 591

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