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ATO ID 2015/6 Research and Development: Carry forward R&D tax offsets at joining time for a consolidated group
February 17th, 2015Can the head company of a consolidated group access the non-refundable carry forward R&D tax offsets available to a joining entity at the joining time?Yes. The head company of a consolidated group can access the non-refundable carry forward R&D tax offsets available to the joining entity at the joining time. In order to apply the carry forward tax offset after the joining time, the head company will need to overcome the limitations in section 65-40 of the Income Tax Assessment Act […]
Government commitment to stable R&D Tax Incentive desperately needed after retrospective cuts
February 16th, 2015Today Tax Laws Amendment (Research and Development) Bill 2013 officially passed both houses of Parliament and is now awaiting royal assent. The bill initially proposed to deny access to the R&D Tax Incentive for companies with income exceeding $20 billion. Treasury anticipated this measure would provide $1.1 billion in savings over the forward estimates and $350 million in FY15. The initial proposal was anticipated to affect less than 25 corporate groups. Amendments to the bill were recently approved by the House of Representatives […]
New Guidance Relating to Feedstock Adjustments
February 9th, 2015AusIndustry and the ATO have recently released joint guidance in relation to the calculation and disclosure of feedstock adjustments. The guidance clarifies that companies are able to “opt out” of claiming feedstock inputs if the benefit arising from claiming feedstock inputs as R&D expenditure is not commensurate with the compliance requirements for the corresponding feedstock adjustment. When claiming the R&D Tax Incentive, a company is required to make a feedstock adjustment if it supplies or uses products produced during its R&D activities. […]
The Government’s Research and Development Blind Spot
February 2nd, 2015When it comes to science and Research and Development, other countries are hitting the accelerator while Australia is shifting into reverse. During the Prime Minister’s prizes for Science, held at Parliament House last October, Tony Abbott delivered his speech in front of Australia’s best and brightest minds and left the stage with a barely audible applause. Abbott, who had been in office for just over a year, was surprised he received some form of applause after his Government implemented drastic […]
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News & Research
News & Research
News & ResearchIntroduction A recent case heard in the AAT has affirmed a previous decision by Innovation and Science Australia (AusIndustry) finding that Activities registered under the R&D Tax Incentive were not in accordance with the legislative requirements. The case: H2O Exchange Pty Ltd and Innovation and […]
The AFR has reported that the NSW Government is to form a new advisory council, chaired by David Gonski with a brief to make NSW “the R&D leader within Australia and a world-class contributor”. Forming of the NSW R&D council […]
