Swanson Reed News

Adjustments Required to R&D Claims for JobKeeper Payments – ATO Position Released

July 28th, 2020

As had been anticipated, the ATO will be requiring adjustments to R&D claims that contain salaries reimbursed by the JobKeeper Scheme. Companies lodging FY20 R&D claims who have also received the JobKeeper stimulus must carefully review and adjust R&D claims where necessary. The basis of this need for adjustment is the ATO’s position that companies are not deemed to incur salary expenditure at their own financial risk where such costs are being reimbursed by the Job Keeper Scheme. Draft Taxation […]

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Telix Pharmaceuticals reports receipt of $11.4M Refundable R&D Tax Offset

July 27th, 2020

Melbourne based Telix Pharmaceuticals Ltd has reported during the week receipt of a $11.4M Refundable R&D Tax Offset in respect of activity conducted during the YE 31 December 2019. This would be one of the largest single year Refundable offset receipts in the history of the R&D Tax Incentive, and infers an R&D Expenditure of approximately $26M AUD. The underlying activity relates to development of diagnostic and therapeutic products using molecularly targeted radiation. Receipt of a tax offset of this magnitude reduces […]

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Australian National Audit Office To Audit The R&D Tax Incentive

July 23rd, 2020

The Australian National Audit Office (ANAO) is set to undertake an audit of the government’s administration of the R&D Tax Incentive scheme this year. This will be the first time the ANAO has looked at the scheme since it was introduced in July 2011. The audit will aim to assess the effectiveness of the R&D Tax Incentive’s administration by the Department of Industry, Science, Energy and Resources and the ATO.  Small Business Ombudsman Kate Carnell was quoted in InnovationAus, stating […]

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Shipbuilder AUSTAL Ltd reports increased earnings guidance stemming from R&D investment

July 20th, 2020

Whilst experiencing a setback in May following the announcement of a contract being awarded to a competitor, AUSTAL LIMITED has recently been one of the outstanding performers on the ASX, with the value of its shares having increased approximately 25% over the past quarter. AUSTAL LIMITED has R&D, manufacturing and service headquarters in Australia (Perth and Cairns), alongside global R&D and manufacturing facilities based in Alabama, Vietnam and the Philippines. Within recent ASX and trading updates leading up to financial year end, […]

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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: 0435 713 493
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: 0435 713 493

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