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JLSP and Innovation Australia [2016] AATA 23
January 27th, 2016In the case of JLSP v Innovation Australia [2016] AATA 23 the Administrative Appeals Tribunal (AAT) considered whether particular activities conducted by the applicant are “core R&D activities” within s 355-25(1) of the Income Tax Assessment Act 1997 (the ITAA 1997). Specifically, the matter sought to assess whether a clinical trial carried out in accordance with a contractual agreement was conducted for the purpose of generating new knowledge. Background The applicant company is an Australian-based entity in an international corporate […]
Research Contributes to a Quarter of Australia’s Economic Output
January 25th, 2016From the cochlear implant, otherwise known as the bionic ear, to the medical application of penicillin, Australia actually has a rich history in science research and development (R&D). In fact, a new report by the Australian Academy of Science reveals that over the past twenty to thirty years, scientific advances have contributed to an estimated $330 billion of Australia’s economic growth. As the report reveals, this figure represents about a quarter of the national economy. Furthermore, the report found the […]
5 Tips for Cultivating an Innovative Workplace
January 22nd, 2016Certainly, the Australian government has been keen on innovation, as embodied in its announcement of its National Innovation and Science Agenda in December. However, is our workforce ready for an innovation overhaul as we embark on the ‘ideas boom’ in 2016? According to Randstad’s World of Work Report, based on 14,000 employees and employers from across Asia-Pacific, the biggest issue for the region’s businesses was the lack of talent that was required to expedite the innovation process. In fact, nearly a […]
Missed Tax Savings by The Mining Sector…
January 21st, 2016Certainly, Australia’s colonial and federal history, its geographical isolation, huge landmass and small population have profoundly influenced the country’s industries, technologies and research institutions. This resource-rich history lead to what is more commonly known as the ‘mining boom’. In light of this, Australian industrial research and development (R&D) in the second half of the nineteenth and early twentieth centuries was largely focused on the agriculture and mining industries. Whilst industry in Australia is historically a ‘user’ rather than a ‘creator’ of technology, […]
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News & Research
News & Research
News & ResearchInnovationAus Reports Proposed Changes to the R&D Tax Incentive are Now Unlikely to Pass
InnovationAus has reported this week that proposed changes to the R&D tax incentive are now unlikely to pass as legislation this year: A reform bill proposing controversial changes to the R&D Tax Incentive for FY20 was being considered by the Senate prior to the onset […]
COVID-19 and the R&D Tax Registration Deadline for YE 30 June 2019 (AusIndustry Announcement)
Our thoughts are with all who are directly impacted by the Coronavirus crisis, and we remain optimistic that the resolve of Australians will prevail. Swanson Reed has taken measures to protect our staff and clients, and will be fully functional […]
