Under SECT 355.405 ITAA97, an entity cannot claim R&D expenditure in situations where: (a) when an entity incurs R&D expenditure, consideration has been received, or was reasonably expected to be received: as a direct or indirect result of the expenditure being incurred; and regardless of the results of the activities on which the expenditure is incurred; and (b) that consideration is equal to or greater than the expenditure. The spirit of this provision is to ensure companies only receive an […]
The 2021 calendar year has again been busy for the R&D Tax Incentive. Key developments this year have included: ANAO report: A report from the Australian National Audit Office (ANAO), released in November, found that the R&D Tax Incentive programme’s dual administrators (being 1: The Department of Industry, Science, Energy and Resources and 2: The ATO) were largely effective in their administration of the programme. The ANAO did, however, note that there were some issues around reporting arrangements, the joint […]
The ATO have announced it will close for Christmas at midday Friday, 24 December 2021 and reopen on Tuesday, 4 January 2022. The ATO have also noted in a statement quoted on AccountantsDaily that returns or activity statements lodged on or after 17 December 2021 are less likely to be finalized before the closure. Companies planning forthcoming lodgment of tax returns and R&D Schedules around this time should take note of this information if they are planning cashflows arising from receipt of Refundable R&D […]
The Government has today announced $280 million in funding available through Round 2 of the Integration and Translation Streams of the $1.3 billion Modern Manufacturing Initiative (MMI). Applications will soon open for businesses in the six National Manufacturing Priority Areas: Space; Medical Products; Resources Technology and Critical Minerals Processing; Food and Beverage; Recycling and Clean Energy and Defence. Applications will open in two tranches, starting 13 December 2021. Read our blog about the different opportunities for funding in R&D […]