A recent decision 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. Royal Wins Pty Ltd and Innovation and Science Australia [2020] AATA 4320 (28 October 2020) was a dispute in respect of a registration in the FY16 and FY17 periods for development of an Integrated Hybrid Gaming Algorithm and Platform. The stated objective of the project was […]
The Government has recently introduced and augmented stimulus measures to encourage investment and allow eligible businesses to claim an immediate deduction for the cost of an asset in the year the asset is first installed ready for use. This asset investment stimulus has taken the form of 2 programmes: Instant asset write-off provided for under section 328-180 of the INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997: applies for assets a R&D entity first acquires/installs up until 31 December 2020; applies to […]
AusIndustry’s original Guide to Interpretation was published in January 2016, and has been considered the primary document for detailing how AusIndustry interprets key elements of the definition of ‘R&D activities’ as defined in the legislation. Material from the Guide to Interpretation was often referred to be AusIndustry during compliance processes, and it detailed AusIndustry’s position on complex issues, such as: Assessment of the purpose for which R&D Activities were undertaken; The scope of activities that are specifically excluded from consideration as Core […]
When the federal government announced in December 2019 that they would reintroduce their previous R&D Tax Reform bill with a proposed start date of July 2019 for FY20, it was met with widespread condemnation from industry leaders. The bill reintroduced at that time was largely focused on savings measures, and was a slightly modified version of a previous reform bill, which did not pass through the Senate. The Senate Economics Committee had noted concerns around the proposed intensity threshold and […]