Recent News

ATO Release New Draft Tax Ruling TR 2021/D3 (R&D Tax Offsets: The At Risk Rule)

June 28th, 2021

Under SECT 355.405 ITAA97, an entity cannot claim R&D expenditure in situations where: (a) when an entity incurs R&D expenditure, consideration had been received, or was reasonably expected to be received: as a direct or indirect result of the expenditure being incurred; and regardless of the results of the activities on which the expenditure is incurred; and (b) that consideration is equal to or greater than the expenditure. The spirit of this provision is to ensure companies only receive a […]

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Northern Minerals Ltd Receives $8.7M FY20 R&D Tax Refund Following Resolution of Prior Year Disputes

June 21st, 2021

Northern Minerals Ltd was one of the most high profile R&D tax disputes reported at the height of the R&D tax incentive compliance “crackdown” period. The company reported a significant liability in respect of regulators seeking repayment of disputed R&D tax offsets; 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 […]

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Process for Setting Up MyGovID and Authorisation for New AusIndustry R&D Tax Portal

June 14th, 2021

AusIndustry have changed their reporting processes whereby they are mandating the use of a new online form for FY21 onwards. As part of this, directors of companies must set up a myGovID account (or use an existing myGovID), then link their personal myGovID to their R&D-registering company, then link to the R&D tax advisor preparing the application. Instructions for this process to link Swanson Reed to your company are as follows: Step 1: be in front of your computer with a […]

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PWK and ISA: AAT Finds in Favour of R&D Entity Over Disputed Activity Eligibility

June 7th, 2021

A recent AAT case (PKWK and Innovation and Science Australia (Taxation) [2021] AATA 706 (24 March 2021)) has found in favour of the R&D entity in a dispute over eligibility. The dispute related to a registration of activities for the financial year ended 30 June 2015 in respect of a registration for the following: Core Activity 1.1: Process design, modelling and mechanical design in respect of a soil treatment facility using pyrolysis technology; Supporting Activity 1.1.1: Project evaluation and documentation; Supporting Activity […]

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