A recent decision in the AAT has affirmed a previous decision by Innovation and Science Australia (AusIndustry) finding that Activities registered under the R&D Tax Incentive were not in accordance with the legislative requirements. Royal Wins Pty Ltd and Innovation and Science Australia [2020] AATA 4320 (28 October 2020) was a dispute in respect of a registration in the FY16 and FY17 periods for development of an Integrated Hybrid Gaming Algorithm and Platform. The stated objective of the project was […]
Introduction: A recent case heard in the AAT has affirmed a previous decision by Innovation and Science Australia (AusIndustry), finding that activities registered under the R&D Tax Incentive were not in accordance with the legislative requirements. Background: Camalic Pty Ltd V ISA was a dispute in respect of a registration in the FY14 and FY15 periods for development of a software predictive tool that utilises a significantly large number of multiple variables to predict an increase in value based upon […]
The Australian newspaper has highlighted a speech to the Australian Computer Society on Friday made by Liberal Senator Andrew Bragg, who is chairing a committee examining Australia’s fintech sector. The article noted that: The government is mulling a number of policy shifts to make life easier for start-ups; Senator Bragg is quoted as saying: “FinTech Australia tells us the R&D tax incentive is the number one regulatory issue for fintechs. They tell us the importance of the R&D tax incentive […]
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. […]