The 2021 calendar year has again been busy for the R&D Tax Incentive. Key developments this year have included: ANAO report: A report from the Australian National Audit Office (ANAO), released in November, found that the R&D Tax Incentive programme’s dual administrators (being 1: The Department of Industry, Science, Energy and Resources and 2: The ATO) were largely effective in their administration of the programme. The ANAO did, however, note that there were some issues around reporting arrangements, the joint […]
The ATO have announced it will close for Christmas at midday Friday, 24 December 2021 and reopen on Tuesday, 4 January 2022. The ATO have also noted in a statement quoted on AccountantsDaily that returns or activity statements lodged on or after 17 December 2021 are less likely to be finalized before the closure. Companies planning forthcoming lodgment of tax returns and R&D Schedules around this time should take note of this information if they are planning cashflows arising from receipt of Refundable R&D […]
The Government has today announced $280 million in funding available through Round 2 of the Integration and Translation Streams of the $1.3 billion Modern Manufacturing Initiative (MMI). Applications will soon open for businesses in the six National Manufacturing Priority Areas: Space; Medical Products; Resources Technology and Critical Minerals Processing; Food and Beverage; Recycling and Clean Energy and Defence. Applications will open in two tranches, starting 13 December 2021. Read our blog about the different opportunities for funding in R&D […]
The Australian National Audit Office (ANAO)’s purpose is to support accountability and transparency in the Australian Government sector through independent reporting to the Parliament, and thereby contribute to improved public sector performance. Changes to the R&D Tax Incentive administration announced by the Government in the May 2018 budget included: additional funding for improved guidance and litigation; enhanced compliance activities; and ICT system improvements. As reported earlier in 2021, the ANAO has undertaken a review of the administration of the R&D Tax […]