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How the R&D Tax Incentive Tax Offset Works, Interaction with Tax Position and Summary of Changes:
April 29th, 2016The R&D tax incentive operating from FY12 entitles companies to tax offsets for eligible expenditure on registered R&D activities, in exchange for tax deductions on the expenditure. The Incentive introduced the concept of a notional deduction, since eligible expenditure notionally determines R&D tax offsets, but any entitlement to a tax deduction is foregone. The forfeiture of tax deductions for R&D expenditure is made at item 7, label D (addback of non-capitalised R&D expenditure) in the company tax return. Prior the […]
CSL Urges R&D Tax Incentive Safeguard
April 26th, 2016In launching the innovation and science agenda in December, the Australian Government announced that they would be undertaking a review of the R&D Tax Incentive programme. At present, the review is currently ongoing by a panel led by Bill Ferris and it is expected to report to Government in April 2016. However, the announcement of a review has resulted in companies underlining their apprehensions about changes to the initiative. Most recently, CSL has joined industry appeals to the federal government to […]
Reminder: R&D Registrations Due 30 April 2016
April 22nd, 2016Registration is the critical first step in accessing the R&D Tax Incentive. In order to be able to claim the benefits of the R&D Tax Incentive, a company must register their R&D activities with AusIndustry. As mentioned in a previous post, the deadline for lodging an application for registration is ten months after the end of a company’s income year. Thus, for companies with a standard income period of 1 July to 30 June, the lodgement date for registrations with […]
Government’s Proposed Cuts to the R&D Tax Incentive Lapses
April 21st, 2016Innovation has become progressively debated in public discourse of late, leading to a significant focus on the R&D Tax Incentive in the last 12 months. This week, however, a positive development was made that will no doubt be welcomed by the innovation ecosystem in Australia. To clarify, a proposed 1.5% cut to the R&D Tax Incentive under the Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015 will not ensue – the Bill before the senate has lapsed and […]
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News & Research
News & Research
News & ResearchCochlear Comments on Australian R&D Tax and Innovation Policy
A recent article in The Australian has outlined comments from Dig Howitt, CEO of Cochlear, who believes Australia is at a crossroads when it comes to commercialising new innovative products. Howitt noted the country’s current tax regime hinders research and development […]
ATO Release First R&D Tax Incentive Transparency Reporting Data
As now required by law, The Australian Taxation Office (ATO) has released its first annual Research and Development (R&D) tax transparency report on entities claiming the R&D tax offset. The information the ATO published includes: name of the R&D entity […]
