Swanson Reed News

ATO Release Decision Impact Statement on Auctus Resources Pty Ltd Case (Administrative Recovery of R&D Offset )

October 18th, 2021

Background On 12 October 2021 the ATO issued a Decision Impact Statement relating to the decision handed down by the Full Federal Court in Auctus Resources Pty Ltd v Commissioner of Taxation [2020] FCA 1096. The case involved a ‘self-assessed’ claim for an R&D tax offset refund of $2,269,336 made by Auctus Resources Pty Ltd (Auctus Resources) for the 2012-13 financial year. The refund payment was made by the Commissioner of Taxation (the Commissioner) to Auctus Resources using an automated […]

Read More

R&D Asset Temporary Full Expensing Considerations and ATO Guidance

October 11th, 2021

A significant (but temporary) change to operation of the R&D Tax Incentive for expenditure on tangible depreciating assets used in R&D activity came into effect during FY21.   Historically, and prior to FY21: The capital cost of a tangible depreciating asset is not eligible as R&D expenditure; A company is able to claim the decline in value on an R&D asset (as calculated under the depreciating asset provisions in Division 40) for the period that an asset is used in […]

Read More

Industry Portfolio to be Shared by Two Cabinet Ministers

October 5th, 2021

The Government announced the resignation of Christian Porter from the Industry portfolio in September 2021 after approximately 6 months in the role. Energy Minister Angus Taylor was then appointed acting Industry Minister following the departure of Christian Porter. The Government has now announced that the industry portfolio will be shared, with Defence Industry Minister Melissa Price taking on the extra responsibility of science and technology and Angus Taylor permanently taking on the industry aspect of the portfolio. Liberal MP Tim Wilson […]

Read More

Australian Based Immunetep Ltd (ASX:IMM) receives $3.4M AUD in French R&D Tax Incentives

September 30th, 2021

ASX listed, Sydney based company Immunetep Ltd recently announced that it has received a €2,126,617 (around A$3,400,000) payment in cash from the French Government under its Crédit d’Impôt Recherche scheme (CIR). A similar magnitude payment was received in the previous year. The payment relates to activity the company is conducting in Paris to develop its novel Immunotherapy treatments. Immunetep Ltd also registers activities under the Australian R&D Tax Incentive and has previously reported the following receipts: YE 30 June 2018 […]

Read More

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

Categories

Archives