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August, 2024

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 be over […]

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R&D Tax Incentive Changes Announced in 2018-19 Budget

May 9th, 2018

In response to the recommendations in the ‘2016 Review of the R&D Tax incentive’ the government has announced proposed R&D Tax Incentive changes within the 2018-19 Federal Budget released yesterday, 8 May 2018. The changes take on board some recommendations from ISA’s previous review of the programme, along with some of the government’s own savings and integrity measures. The R&D Tax Offset rate will change, commencing for years on or after 1 July 2018. For companies claiming the refundable offset with […]

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QLD Company fined over $4 million due to incorrect R&D tax claims

March 26th, 2018

Advisors and Business owners are being warned! A Queensland business has been fined over $4 million for encouraging clients to lodge overstated or ineligible R&D tax incentive claims. On Tuesday 20 March the Australian Taxation Office confirmed the fine had been secured in the Federal Court against a company and its director for breaching promoter penalty laws relating to financial services. The company has allegedly been involved in 10 schemes leading to eight business clients receiving more than $3 million […]

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ISA releases plan for Australia to thrive in global innovation race

January 30th, 2018

As Australia celebrates 26 years of continuous economic growth, Innovation and Science Australia (ISA) releases their plan for Australia to further thrive in the global innovation race. ISA has released their report titled “Australia 2030: Prosperity through Innovation,” which provides a roadmap for governments to accelerate Australia’s innovation system by 2030. The report is a strategic plan to advise policy makers on how to accelerate innovation and optimise Australia’s innovation system. In planning towards 2030, innovation will continue to be […]

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