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Australian Innovation: Go Hard or Go Home…

August 3rd, 2014

With troubled commodity prices, higher employment costs and a diminishing manufacturing sector, Australia’s immediate future doesn’t look bright. Unlike the United Kingdom, the United States and most of the developed world, Australia has no current innovation strategy or policy. If we don’t act quickly to develop a plan to support innovation, particularly SME’s in the manufacturing sector, business confidence will fall, and investment in long term projects will disappear. It is the responsibility of Government to plan and incentivize our future. […]

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Australian Innovation System Senate Inquiry

July 31st, 2014

On 18 March 2014 the Senate referred the inquiry into Australia’s innovation system to the Senate Economics References Committee. The Economics Legislation Committee inquires allow interested parties to submit their views on the Australian Innovation System. Swanson Reed’s submission focused on key areas of policy and investment in order to ensure Australia remains globally significant in an increasingly competitive world. Our key points are illustrated below: With the rise of Asia, a well executed innovation strategy involving full and fair stakeholder […]

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R&D tax offset for foreign companies

July 26th, 2014

 The Australian 43.5% R&D tax offset is available to some foreign companies who undertake R&D in Australia. Who is eligible? Foreign entities may be eligible where they have setup: an Australian resident company; a corporation that is an Australian resident for taxation purposes; or a permanent establishment in Australia. What’s it worth? The amount that a foreign entity can claim through the R&D Tax Incentive depends on the turnover of the company and whether it has recorded a profit or loss […]

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TD 2014/15 – Treatment of Design Expenditure relating to an Asset

July 14th, 2014

The ATO recently issued TD 2014/15.  This Tax Determination relates to the R&D tax incentive and discusses the treatment of expenditure incurred by an R&D entity during various design stages (Design Expenditure) connected with it beginning to hold a tangible depreciating asset, where that expenditure also falls within the terms of section 355-205 of the Income Tax Assessment Act 1997 (ITAA97). The determination addresses the question of when to include the Design Expenditure in the first element of the cost […]

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Bryce Steele
Principal, Melbourne
Tom Parkhouse
Principal, Sydney
Andy Nguyen
Principal, Brisbane
Holly Parkinson
Manager, Adelaide
David Greatwich
Principal, Perth
Krishna Gungaram
Manager, Hobart

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