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General Information
Important R&D Tax Associate Entity Payment Rule Considerations Approaching End of the Financial Year
June 1st, 2023The R&D Tax Incentive includes a related party integrity provision whereby if a company incurs R&D expenditure to an associate, it must pay that amount in the same year to claim a notional deduction for that amount in that year (provided all other eligibility requirements for the R&D tax incentive are met). Associates are those entities that, by reason of family or business connections, might appropriately be regarded as being associates of the R&D entity, and relevant examples of the […]
Should policy makers be considering an increase to the $20 million turnover threshold re: eligibility for the Refundable R&D Tax offset?
May 26th, 2023A 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 by any exempt entities, then the company can claim the refundable tax offset. The refundable tax offset rate is equal to the company’s corporate tax rate plus an additional premium rate of 18.5%. If an entity’s aggregated turnover is $20 million or more, […]
Deadline Approaching for lodgement of Overseas Findings for R&D Activity first conducted in FY23
May 18th, 2023Companies seeking to claim expenditure for overseas activity incurred by an Australian company under the R&D Tax Incentive must apply separately to claim these costs by lodging an Overseas Finding Application with AusIndustry. In addition to general eligibility criteria, there are specific and extensive rules to determine whether expenditure on overseas activities is eligible under the R&D Tax Incentive. Generally, R&D activities conducted overseas can only be eligible for the R&D Tax Incentive where: The activity to be conducted overseas has a […]
New AAT Case (LAKES OIL) finds Hydraulic Fracturing Activities NOT eligible under the R&D Tax Incentive
May 8th, 2023A recent AAT Decision dated 26 April 2023 (LAKES OIL NL and INNOVATION AND SCIENCE AUSTRALIA (Taxation) ) has found a company’s registered activities were not eligible under the R&D Tax Incentive. The project under scrutiny in the case is entitled “Project 1 – LAK2006 ‘Hydraulic Fracturing Technology for Gippsland Tight Gas’”. The dispute was focused on a registration in the FY14 and FY15 period. During the case INNOVATION AND SCIENCE AUSTRALIA contended that: the activities undertaken were not experimental […]
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Daniel McGregor2022-08-11I have been using Swanson Reed for my clients for more than a decade. Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients. Highly recommended.
John2022-06-15Damian and the rest of the team at Swanson Reed have been supporting us for several years. We always appreciate their insights, expertise, and efforts.
Rueben Rajasingam2022-06-06Experienced responsive Team. They have been a great help to me and my company navigate the R&D tax claim process and have provided invaluable advice.
Enrique Esquivel2022-06-06Damian and the team at Swanson Reed have been extremely helpfully and professional during all of our consultations. Highly recommended.
Jess at Y&C2022-06-03
Anatole Kononewsky2022-06-02The Swanson Reed team have provided our company with exceptional professional advice and assistance for all of our R&D claims for many years - have always achieved great results with excellent value for their services.
Payam Toloo2022-06-02Damian Smyth and his team are very helpful, supportive and experts in their field of R&D Tax claims. I'm always happy with the work they do and been a customer of their for over 5 years.
Melissa Doddy2022-05-31The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end. Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.
Gary Watson2022-05-31We can highly recommend Swanson and Reed as an R & D accountant. We have worked with them for several years now as they make our R & D claim so easy and communicate quickly with both us and our accountant.
Rob van den Bergh2022-05-31Always professional.
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News & Research
News & Research
News & Research30 April Statutory Deadline for FY23 R&D Claims – One Week to Go
There is one week to go until the deadline for FY23 R&D Registrations. Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2023 (companies that have a Standard YE for tax) who are yet to do […]
The matter concerns an individual charged by the Commonwealth DPP for attempting to unlawfully obtain a refund under the R&D Tax Incentive. Before being charged, the taxpayer was compulsorily examined by the ATO. The individual had applied to stay the […]
