The changes to the R&D tax incentive announced in the October 2020 budget have been passed as law, but do not become effective until 1 July 2021 (FY22). Companies registering activity for the financial year about to end (FY21) will do so under the same legislation in place as in prior years. However, some significant changes to the reporting of the activities have occurred for FY21, based on AusIndustry’s new reporting portal. The portal had been indicated some months ago […]
For multiple years leading into the prior federal budget in 2020, the Government attempted to pass controversial measures aimed at reducing the cost of the R&D Tax Incentive, which had stalled in the senate and were not legislated. When the October 2020 Federal Budget (delayed due to COVID) was handed down, business was pleasantly surprised. The Government had pivoted away from proposed cuts, and made the R&D Tax Incentive a centrepiece tool of job creation and investment, by proposing changes […]
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 been legislated as law. When the 2020 budget was announced, the government largely backed away from the unworkable changes in its R&D Tax Incentive reform […]
InnovationAus has reported that a government-led Senate committee chaired by Liberal Senator Andrew Bragg has called for R&D Tax Offsets to be paid quarterly, and for a new standalone scheme for software-related claims to be considered. The report included notable quotes: “The committee is recommending that different assessment methodologies be allowed under the RDTI scheme, and that consideration also be given to a standalone scheme for software development; “The timing of RDTI payments was also raised with the committee, with […]