In December 2019, the government re-introduced a bill to reform the R&D Tax Incentive. This bill was a slightly modified version of a previous reform bill (Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018), which did not pass through the Senate at that time. A Senate Economics Legislation Committee recommended in February 2019 that the initial bill should be deferred from consideration until further analysis of the bill’s impact […]
The federal budget, traditionally in May each year was deferred by the government until 6 October 2020 due to COVID. In comments to Smartcompany.com.au, this week, StartupAus chief Alex McCauley has continued his strong advocacy for the R&D Tax Incentive. Key highlights of Alex’s position include: This year’s budget can be somewhat be considered as two budgets together, in a seven month period; the R&D Tax Incentive is the “number one priority” for this year’s budget; whatever the merits were of amending the […]
Northern Minerals Ltd had previously reported in May 2019 a significant liability in respect of R&D Tax Incentive claims for expenditure developing its Rare Earth processing capability. It was subsequently reported in August 2020 that the company had settled the dispute with the ATO relating to claims in the FY17 and FY18 periods, along with an agreed framework for claims in the FY19 and FY20 periods. The settlement reduced the original refundable R&D Offsets for FY17 and FY18 periods by […]
Strike Energy had previously disclosed R&D Tax Offsets in dispute with Innovation & Science Australia (ISA) in respect of the FY16 period of $6,333,638, which also had subsequent implications on R&D Tax Offsets in the FY17 period of $3,697,000. Announcements to the ASX in recent months indicated that: The matter was currently before the Administrative Appeals Tribunal (AAT); The company was confident in their position and the eligibility of their claims; Strike Energy has since announced to the ASX on […]