Swanson Reed News

Fintechs declare access to strong R&D Tax Programmes key to keeping R&D in Australia

October 18th, 2019

The 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 […]

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Monadelphous discloses it will submit no R&D claim for current period

October 15th, 2019

As 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 […]

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Real Energy Corporation Limited provides update on status of R&D Dispute

October 8th, 2019

Within 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 […]

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Base metal explorer takes up provision for repayment of disputed R&D Tax Offset

September 27th, 2019

Argent 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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Bryce Steele
Principal, Melbourne
Tel: (03) 9018 5778
Mob: 0435 713 493
Tom Parkhouse
Principal, Sydney
Tel: (02) 8006 0559
Mob: 0411 718 565
Andy Nguyen
Principal, Brisbane
Tel: (07) 3221 1499
Mob: 0407 750 249
Kieu McKellar
Manager, Adelaide
Tel: (08) 8121 7850
Mob: 0435 713 493
David Greatwich
Principal, Perth
Tel: (08) 9340 3745
Mob: 0468 386 250
Krishna Gungaram
Manager, Hobart
Tel: (03) 9018 5778
Mob: 0401 262 591

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