The Australian Taxation Office (ATO) has in recent months published information around publication of Research and Development (R&D) expenditure claimant information. An additional update was provided by the ATO in late January 2024 which notes: The annual Research and Development tax transparency reporting will publish information about R&D claims; Each year, the ATO will publish: the required information on data.gov.au; the ATO’s contextual analysis – the R&D tax transparency report – on the ATO website. The information the ATO will publish […]
AusIndustry have announced that in early November they will be conducting a joint event with the ATO to provide introductory level information regarding the R&D Tax Incentive. The sessions are noted as covering: The benefits offered by the R&D Tax Incentive; Who can apply; What R&D activities and expenditure are eligible; The importance of record keeping; When and how to apply. Information for registration to attend the session is available on the AusIndustry website. Please get in touch with our office if you would […]
After previously issuing a draft ruling in June 2023, the ATO in September 2023 has now finalised and published Tax Determination TD 2023/5 on aggregated turnover and connected entities – Commissioner’s discretion that an entity does not ‘control’ another entity. Under the R&D Tax Incentive a company’s rate of R&D tax offset and whether it is refundable or not depends primarily on the R&D entity’s aggregated turnover: If an entity’s aggregated turnover is less than $20 million and it is not controlled […]
Companies seeking to register R&D Activities conducted during the Year Ended 31 December 2022 (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 2023. The blanket and automatic extensions granted during COVID no longer apply, and the statutory deadlines revert to normal (10 months after the end of the financial year). There are mechanisms available under the IR&D Act and IRD Decision making provisions that […]