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Fintechs declare access to strong R&D Tax Programmes key to keeping R&D in Australia
October 18th, 2019The Age has reported the results of a recent EY census of Fintech companies, which has found consensus among respondents who consider that having access to strong R&D tax programs increased the likelihood of keeping their business onshore rather than moving overseas. The census paper noted that: “Generous R&D tax incentive programs are available overseas and for Australia’s nearest neighbors Indonesia, Hong Kong and New Zealand, are seeing increased funding from governments with popular support from industry,” “Australia must be competitive […]
Monadelphous discloses it will submit no R&D claim for current period
October 15th, 2019As has been reported in the media previously, MONADELPHOUS GROUP LIMITED has recognised a 6.3M provision in its FY19 results with respect to a potential repayment of base tax liability for disputed R&D Claims in the FY15 and FY16 periods. Monadelphous announced to the ASX in May 2019 that the company had received notices of amended assessments from the ATO relating to findings by Innovation Australia that R&D Activities registered in the FY15 and FY16 periods were not eligible, and […]
Real Energy Corporation Limited provides update on status of R&D Dispute
October 8th, 2019Within its recently released annual report, Real Energy Corporation Limited (ASX: RLE) has provided an update on the status of the company’s dispute with AusIndustry/ISA over the eligibility of its R&D activities. The company had previously received an adverse finding for the company’s R&D Tax Registrations during the FY14, FY15 and FY16 periods, with corresponding tax offsets in dispute totaling around $7.2M. RLE had appealed the adverse findings to the Administrative Appeals Tribunal (AAT) as was previously reported to the market […]
Base metal explorer takes up provision for repayment of disputed R&D Tax Offset
September 27th, 2019Argent Minerals Limited has disclosed a liability in the company’s 2019 annual report for “R&D Claims repayable” of approximately $1.4M. This liability is in respect of R&D Tax Offsets for the FY16 and FY17 periods that AusIndustry have found relate to ineligible activities. The report notes that: the finding was received in January 2019, and that an independent review is being conducted of the finding. Independent reviews are available to companies under the current compliance continuum where activities are found […]
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News & Research
News & ResearchStrike Energy Ltd Provides Update On R&D Tax Dispute Currently In AAT
Strike Energy Ltd previously reported to the ASX that R&D activities the company had registered had been found by AusIndustry to not be eligible under the legislative criteria. The matter is currently before the Administrative Appeals Tribunal (AAT) and within […]
Federal Government Flags Potential Further R&D Tax Changes to Help Fintech Industry
The Australian newspaper has highlighted a speech to the Australian Computer Society on Friday made by Liberal Senator Andrew Bragg, who is chairing a committee examining Australia’s fintech sector. The article noted that: The government is mulling a number of […]
