When the federal government announced in December 2019 that they would reintroduce their previous R&D Tax Reform bill with a proposed start date of July 2019 for FY20, it was met with widespread condemnation from industry leaders. The bill reintroduced at that time was largely focused on savings measures, and was a slightly modified version of a previous reform bill, which did not pass through the Senate. The Senate Economics Committee had noted concerns around the proposed intensity threshold and […]
Within its recent FY20 Annual Report posted to the ASX, Real Energy Corporation Limited (ASX: RLE) has provided an update on the status of the company’s dispute with AusIndustry/ISA over the eligibility of its R&D Activities. The company had previously received an adverse finding for R&D Tax Registrations during the FY14, FY15 and FY16 periods, with corresponding tax offsets in dispute totalling around $7.2M. Further potential unpaid R&D Tax offsets of around $6.5M are at stake for the FY17 to FY19 periods. RLE has appealed […]
Swanson Reed’s overall wish is to see a functional, broad based R&D Tax Regime that provides a generous, stable and predictable incentive for companies to conduct genuine R&D Activity. The Federal Government’s budget announcement last week backing away from proposed cuts to the programme was a step in the right direction. Our view is that R&D Tax Incentive programme is currently cleaner, and subject to less mischief than it has been in prior years, largely due to the widespread reported […]
Federal budgets under both major parties have not presented good news for the R&D Tax Incentive in recent years, with the flagship programme for encouraging business investment in R&D subjected to a series of proposed cuts via caps and rate reductions. This year’s budget has been a welcome change in the wake of the Government’s plan for COVID economic recovery. As was flagged by the media last week, the government has largely backed away from the unworkable changes in its […]