The newly proposed section 355-103 ITAA1997, providing an exception for large business in claiming the R&D Tax exclusions are referred to senate for further inquiry. The Tax Laws Amendment (Research & Development) Bill 2013 passed the lower house only days ago, but will be fully investigated by the Senate for economic impact. A report of the inquiry findings is expected on 17 March 2014. As of yesterday, the ALP has indicated it may withdraw its support for this measure over […]
In the case of Ozone Manufacturing Pty Ltd v Commissioner of Taxation, the Administrative Appeals Tribunal has affirmed the Commissioner’s decision to refuse a taxpayer’s claim for a tax offset under s 73I ITAA 1936 for the 2001-2002 tax offset year. Background In 2002, the company registered its R&D activities with”AusIndustry. In its 2001-02 tax return, the taxpayer included an election to claim an R&D tax offset of $388,601. Following a tax audit, the Commissioner issued a notice under s 73IA of […]
A new R&D tax incentive legislation of the Income Tax Assessment Act 1997,  section s355-103, will provide an exception for large business in claiming R&D tax incentive benefits. The new section will be back dated to 1 July 2013, and as of late yesterday afternoon been moved to a second reading in the lower house.  The Tax Laws Amendment (Research and Development) Bill 2013 contains the following parts: 355-103  Exception for large businesses 1)     Despite section 355-100, an * R&D entity is not entitled under […]
As part of the Government’s ongoing commitment to restore simplicity and fairness to the Australian tax system, today, Treasurer Joe Hockey announced the re-tabling of many bills that were introduced by the previous parliament. Of the 92 unlegislated tax and superannuation changes, the Government will proceed with 18 initiatives, including a bill that will deny access to the R&D tax $20 billion turnover companies.  The Government has announced that this measure alone will raise $1 billion in revenue. The Government intends […]