The R&D Tax Incentive provides targeted, generous and easy to access support for eligible R&D activity. Companies are able to register and claim the new R&D Tax Incentive benefit from 1 July 2012. AusIndustry is holding registration ready workshops to help SME’s, first time registrants and smaller consultants/ tax agents better understand and register for the R&D Tax Incentive. The workshops aim to provide an overview of the program covering the following: general knowledge and benefits of the program the program’s eligibility […]
Perth based copper-gold explorer, Empire Resources Ltd has received an R&D Tax offset payment totalling AUD $498,631. The Government support breaks down to an R&D Tax offset payment for the metallurgical and processing techniques used by the company to evaluate and advance the high grade A Zone deposit at its wholly-owned Yuinmery copper-gold project. Managing Director, Mr David Sargeant said “The scale of the payment is also such that it provides a substantial financial injection into Empire, rewarding shareholders’ faith […]
The Australian Taxation Office (ATO) recently drew specific attention to the case of Hadrian Fraval Nominees Pty Ltd v Commissioner of Taxation in its Large Business Bulletin released in September 2013. Facts The Tribunal affirmed the Commissioner’s decision that Hadrian Fraval Nominees Pty Ltd (HFN) was not entitled to claim the R&D Tax Concession for the 2004 year, and in the 2005 year HFN was entitled to an amount significantly less than was claimed. As a result, the AAT imposed penalties at the […]
Receiving an AusIndustry ‘Request for Further Information’ (or RFI) can be a daunting thing. The important thing to remember that all companies at some point in time will be monitored through the AusIndustry Compliance Continuum. The RFI is just one of the way’s for AusIndustry gather information for this purpose, so there is no need to panic. As the R&D Tax Incentive is a self-assessed claim, AusIndustry issues RFIs to ensure that all companies claiming the incentive remain accountable for […]