A report in the Australian Financial Review has highlighted the remarkable performance of CSL over recent years, largely due to the company’s investment in R&D Activity. The report has highlighted: CSL’s share price has increased more than 50% during 2019, which is rare for a company of such size and maturity; If CSL maintains their current trajectory, it may shortly overtake Commonwealth Bank of Australia as the 2nd most valuable stock on the ASX by market capitalisation; CSL is now […]
In December 2019, Fintech Australia released its response to the Financial Technology and Regulatory Technology Senate inquiry. Their committee voiced concerns regarding the Government’s plan to cut $1.35B from the R&D Tax Incentive and stated that the current definition of “experiments” was impeding innovation by preventing software companies from claiming the tax offset. The submission pointed out that the R&D Tax Incentive is the primary channel used to promote local innovation, with 64% of fintechs having applied for the scheme. […]
XPED Limited had previously announced to the ASX in July 2019 that the company had received notice from AusIndustry of a finding assessing registered activities as ineligible under the requirements of the R&D Tax Incentive for the 2017/18 period, totalling approximately $1.6M. The activities in dispute were in respect of development of Internet of Things based software and hardware solutions. The July ASX Announcement included a statement that XPED Limited was committed to appealing the finding. XPED Limited have since […]
In recent months it was reported that the Australian Small Business and Family Enterprise Ombudsman had been conducting a review of the administration of the R&D Tax Incentive’s administration. The report has now been completed and is available here. Some key recommendations by the Ombudsman’s report include the following: “Where compliance examinations/audits are necessary, they should take place as close as possible to the first year of registration of a project. Statutory examinations by AusIndustry should not be retrospective beyond […]