In December 2019, the government re-introduced a bill to reform the R&D Tax Incentive. This bill was a slightly modified version of a previous reform bill (Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018), which did not pass through the Senate at that time. A Senate Economics Legislation Committee recommended in February 2019 that the initial bill should be deferred from consideration until further analysis of the bill’s impact […]
The federal budget, traditionally in May each year was deferred by the government until 6 October 2020 due to COVID. In comments to Smartcompany.com.au, this week, StartupAus chief Alex McCauley has continued his strong advocacy for the R&D Tax Incentive. Key highlights of Alex’s position include: This year’s budget can be somewhat be considered as two budgets together, in a seven month period; the R&D Tax Incentive is the “number one priority” for this year’s budget; whatever the merits were of amending the […]
Northern Minerals Ltd had previously reported in May 2019 a significant liability in respect of R&D Tax Incentive claims for expenditure developing its Rare Earth processing capability. It was subsequently reported in August 2020 that the company had settled the dispute with the ATO relating to claims in the FY17 and FY18 periods, along with an agreed framework for claims in the FY19 and FY20 periods. The settlement reduced the original refundable R&D Offsets for FY17 and FY18 periods by […]
Labor Innovation Spokesperson Clare O’Neil has this week spoken to InnovationAus about the Opposition’s R&D Tax Incentive Policies. The article focused particularly on the Governments’ proposed reforms to the R&D Tax Incentive, which have been widely condemned by Industry Groups and are subject to a Senate Economics Committee review. Highlights from Clare O’Neil’s interview included: “The government’s proposal represents very, very significant cuts to the RDTI. That is the very opposite of what you want to do when building for […]