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Deferred Franking Debits
March 16th, 2014Does the R&D refundable tax offset generate a franking debit in my franking account? Generally, a franking debit arises in your entity’s franking account when you receive a refund of income tax which includes a refunded amount from a tax offset. However, special rules ensure that the amount of R&D tax offset refunded is not immediately reduced as a result of the entity becoming liable to franking deficit tax. The franking debit that usually arises when a refund of income […]
Deductibility of R&D Expenditure Under Other Provisions
March 16th, 2014If an amount is eligible to be claimed under the R&D tax incentive, you must claim it under Division 355 of the Income Tax Assessment Act 1997 (ITAA 1997). The answer to the frequently asked question explains this rule further. I have registered my R&D activities but want to claim some of the expenditure on those activities under section 8-1 of the ITAA 1997. Can I do this? No. Amounts incurred on your registered R&D activities must be claimed under […]
Payment to Associates
March 16th, 2014R&D entities are only eligible for a R&D Tax offset for R&D expenditure incurred by an associate entity if the expenditure has been paid during the claim period. If you incur an amount of expenditure to an associate and you pay the amount in the same year, you can include this amount when working out your R&D tax offset in that year (if you meet all other eligibility requirements for the R&D tax incentive). Paying an amount to an associate […]
Substituted Accounting Period
March 13th, 2014The R&D tax incentive applies to income years beginning on or after 1 July 2011. If your 2012 tax return is for a substituted accounting period beginning before 1 July 2011, you are unable to claim the R&D tax incentive in your 2012 tax return; however, if you have conducted R&D activities and meet the eligibility requirements for the R&D tax concession, you can claim the R&D tax concession for that year. The answers to these frequently asked questions help […]
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News & Research
News & Research
News & ResearchReports Industry Minister Is Considering Changes To The Administration Of The R&D Tax Incentive
InnovationAus.com has reported that Industry Minister Karen Andrews is investigating potential changes to the administration of the R&D Tax Incentive to give companies greater certainty about their claims. The report of potential changes has come following recent comments by Small Business […]
Tax Commissioner Comments On R&D Tax Incentive Compliance Difficulties
During a presentation to the Council of Small Business Organisations of Australia National Small Business Summit, tax commissioner Chris Jordan has commented that there is a structural problem with the operation of the R&D Tax Incentive, particularly surrounding the self […]
