The former (and likely to be ongoing) Minister for Industry, Science and Technology, Karen Andrews has been interviewed in today’s Australian Financial Review (21 May). This represented the Morrison government’s first comments on the R&D Tax Incentive since the coalition’s return to government. Ms Andrews made note that the widespread media reports of startup entities being subjected to adverse assessments during compliance reviews of their R&D Claims were not a result of technology companies being specifically targeted, and that “the […]
Over the past six months, the R&D Tax Incentive became a discussion point and the major political parties have differed in their views. Labor sought to position themselves as prioritizing the R&D Tax Incentive over the coalition government, and had made specific policy announcements including: Criticising the programme’s cost reduction in the budget papers, and stating a Labor government would use the R&D Tax Incentive as a means of increasing Business Investment in R&D (BERD); A proposed introduction of a collaboration […]
Northern Minerals Limited (ASX: NTU) have reported to the ASX that they have received notices that the company’s registrations for its research and development tax offset claims submitted for FY17 and FY18 have been considered ineligible by Ausindustry. Irrespective of whether NTU will exercise its review rights under the IR&D Act, Northern Minerals Limited will be required to repay the ATO the R&D offsets paid up to date. Northern Minerals Limited have previously reported receipt of R&D Tax Offsets […]
During this week’s election campaign announcements, Labor party industry spokesmen Kim Carr has outlined the following in discussions with the AFR and Innovationaus.com: Labor want to increase Australia’s Business Expenditure on R&D to 3% of GDP by 2030. As part of this, they would seek to double the number of companies registered for the R&D Tax Incentive; Labour would offer a “collaboration premium” that would add 10% to the value of a company’s R&D Offset for certain qualifying expenditure such […]