Home » News » October 2024

October, 2024

R&D Tax Registrations – Deadline this month

October 1st, 2024

Companies seeking to register R&D Activities conducted during the Year Ended 31 December 2023 (companies that have a December Year End for tax) who are yet to do so should note that the Registration Deadline is the end of October 2024. The extensions granted during COVID no longer apply, and the statutory deadlines revert to normal (10 months after the end of a company’s financial year). There are mechanisms available under the IR&D Act and IRD Decision making provisions that allow for […]

Read More

AusIndustry Publishes New Hypothetical Machine Learning Case Study.

August 26th, 2024

AusIndustry have recently published a case study to provide practical examples for eligibility of activities involving machine learning.    It’s probable that this guidance has been in response to a rising number of claims involving AI and ML type activities.   The examples in the case studies will assist R&D entities identify when they might have eligible R&D activities, and what information is relevant for assessing and showing eligibility.   In an earlier Swanson Reed blog post in recent weeks (titled: Assessment of AI related activities […]

Read More

Assessment of AI related activities under the R&D Tax Incentive and potentially emerging compliance focuses

August 12th, 2024

Artificial Intelligence (AI) has been a hot topic in recent years with more companies seeking to utilise the technology in order to capitalise on gains in capability and efficiency. Increasing numbers of companies are investing in AI developments and anecdotally, this probably means an increasing number of companies submitting claims for AI related developments under the R&D Tax Incentive. However, whilst AI is a relatively new and developing field, companies need to be careful not to assume that projects involving […]

Read More

ATO Guidance noting Common errors in R&D Registrations and Schedules

August 5th, 2024

When processing R&D Applications and R&D Schedules, both AusIndustry (DISR) and the ATO have processes in place to conduct integrity checks of claims and identity claims for compliance activity.   Claims found to have anomalies, or that may require more detailed compliance will likely be subject to delays in processing of R&D tax offsets.   On 17 July 2024 the ATO posted updated guidance that notes issues that may be the subject of initial registration checks and delays. These registration/integrity reviews may […]

Read More

Categories

Archives