Companies are now able to register R&D Activities conducted during the year ended 30 June 2023 (FY23) with AusIndustry. For the FY23 period, the application process is again administered through the new online customer portal which was introduced for the prior FY21 period. There were substantial changes made to the R&D Activity technical description requirements in FY21, however the AusIndustry activity disclosure requirements for FY23 appear not to have materially changed. In addition, as the major changes for calculation of […]
On 28 June 2023 the ATO has published Draft Tax Determination TD 2023/D2 on aggregated turnover and connected entities – Commissioner’s discretion that an entity does not ‘control’ another entity. Under the R&D Tax Incentive a company’s rate of R&D tax offset and whether it is refundable or not depends primarily on the R&D entity’s aggregated turnover: If an entity’s aggregated turnover is less than $20 million and it is not controlled by any exempt entities, then the company can […]
Melbourne-based Nufarm Ltd is a pioneer and leader in development of Agricultural technologies and offers a range of crop protection and seed technology solutions. The company’s annual report for the YE 30 September 2022 reports a research and development expenditure of $51M. In recent years Nufarm Ltd (via its subsidiary entity Nuseed), has invested in the development of Aquaterra® as a partial replacement for marine ingredients. While plant-based protein alternatives to fish meal have been available for years, a market […]
Australia and its global peers have experienced a rapid rise in interests rates over the past 12 months to combat high and persistent inflation. In recent months, Australia’s RBA Governor and Treasurer have begun to mention the importance of improving Australia’s productivity as a means of addressing the inflation issues. The Australian and AFR newspapers today have noted that: A 4.6 per cent plunge in labour productivity in the year to March came as figures released by the Australian Bureau […]