The ATO recently released a report titled Tax Avoidance Taskforce highlights 2020-21. The report has highlighted that: Activity over the past year achieved favourable promoter penalty outcomes in two Federal Court applications following investigations by the taskforce’s Promoters and Tax Exploitation Program, one of which involved exploitation of the R&D Tax Incentive; The ATO’s focus in the coming year will continue to be specialist large market advisors who promote and run tax avoidance schemes. The R&D tax matters identified in […]
InnovationAus has cited a new ABS report finding that business expenditure on R&D (BERD) was $18.17 billion in 2019-20, slightly below the $18.32 billion that businesses spent in 2011-12 at today’s prices. The article included comments from recently appointed Industry Minister, Christian Porter, noting that: “The increase in business expenditure on research and development of 4.2 per cent to more than $18 billion during 2019-20 is encouraging to see, especially given it includes a significant period of time affected by […]
– The Industry Research and Development Act 1986 supports the administration of the Research and Development Tax Incentive. Two legislative instruments under the act are scheduled to sunset on 1 April 2022: Industry Research and Development Decision-making Principles (Decision-making Principles) Industry Research and Development Regulations (Regulations) – These principles and regulations contain rules around: Processes for lodgement of filings with AusIndustry (who administer the R&D Tax Incentive), including registration applications, overseas findings and responses to requests for information; The powers […]
Imdex Limited (ASX: IMD) is a WA-based company providing technology and equipment for the mining industry. The company offers a range of products and services, including: Drilling optimisation products; Rock knowledge sensors; Real time data and analytics solutions; Imdex Limited’s FY21 results were well received by the ASX, and concludes a year in which the company’s share price has almost doubled. An emphasis within the company’s results presentation released in August was the company’s R&D investment during the FY21 period. The […]