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Australian Patent Box Tax Incentive Appears Not to be Proceeding
November 16th, 2022The previous Coalition Federal Government had first announced that it planned to introduce a patent box tax incentive for eligible income associated with new patents in the medical and biotechnology sectors in the May 2021 federal budget. The legislation to enact this was introduced to the lower house in February 2022 (with a proposed start date of July 2022), but was not passed as law before the federal election. There is now a new Labor Government following the federal election and in […]
New AAT Case Finds in Favour of Applicant Reinstatement of Review
November 9th, 2022A recent AAT decision handed down in November 2022 (Active Sports Management Pty Ltd and Industry Innovation and Science Australia) has allowed a company seeking review of an AusIndustry decision to be reinstated, on the grounds that the review was dismissed in error. The AAT found that while the company did not comply with certain directions from the Tribunal, they had made an effort in obtaining expert evidence and preparing submissions in support of its case. We understand that this […]
New AAT Case re: R&D Entity Claiming Overseas Moulds/Assembly etc. Without an Overseas Finding
November 4th, 2022A new AAT decision handed down in October 2022 (T.D.S BIZ PTY LTD and Commissioner of Taxation) considered the case of an R&D Entity attempting to claim the cost of overseas moulds, fabrication, CAD and assembly within their R&D Tax Incentive claim without having first attained an Overseas Finding from AusIndustry. This is one of the only administrative decisions to consider the specific issue of: Is R&D expenditure related to the cost of components for conducting R&D activity in Australia; […]
New Government’s Federal Budget October 2022 – No R&D Tax Changes (Thankfully!)
October 26th, 2022The new Labor Government has handed down their first budget in October 2022. Leading into this budget, there was not anticipated to be any changes proposed to the R&D Tax Incentive, since the previously announced changes for FY22 had only recently been legislated by the previous Coalition government, and were passed with support from the (then) Labor Opposition. Based on a preliminary review of the October 2022 budget material, no material changes seem to have been proposed to […]
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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 […]
