A recent AAT Decision handed down in July 2022 (Absolute Vision Technologies Pty Limited and Innovation and Science Australia (Taxation)) has found a company’s software development activities were not eligible under the R&D Tax Incentive. Prior to this decision, there was only a limited number of previous decisions on Software R&D Eligibility heard by the courts and AAT. The company had registered R&D Activities with AusIndustry for a number of years with the objective of the project being: …to evolve […]
The Australian Taxation Office (ATO) and AusIndustry have advised that they will host a series of online sessions for stakeholders seeking to learn more about the R&D Tax Incentive. The sessions aim to provide an introduction to the R&D Tax Incentive and guidance on key eligibility requirements. The sessions are being held online in October and November and registration details are available on business.gov.au. Get in touch with our office if you would like to speak to someone about a potential […]
R&D Claims for the YE 30 June 2022 involve a number of changes from prior years, reflective of the legislative amendments arising in the October 2020 budget. These amendments change the mechanisms for calculation and reporting of R&D Tax offsets to the ATO, which also presents the need for corresponding changes in the company tax return. In late May 2022, the ATO released its Research and development tax incentive schedule 2022 (NAT 73794), with corresponding changes to the labels within. […]
In an article published in the AFR on 30 April, Deputy vice-chancellor of research at the University of Sydney Emma Johnston called on the government to fund research and innovation directly (e.g. via a grant), rather than through tax incentives. It was noted as being part of a push for greater mobility between the corporate and business sectors, which leading academics say will boost investment in research and innovation. Professor Johnston was quoted in AFR stating that the R&D tax […]