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The Australian National Audit Office to Review Administration of R&D Tax Incentive
March 22nd, 2021InnovationAus has reported that The Australian National Audit Office (ANAO) is conducting an audit into the effectiveness of the Industry department and Australian Taxation Office’s administration of the research and development tax incentive (RDTI) program and is expected to table its report in October. Submissions are able to be made by stakeholders until May 2021. The audit criteria per the ANAO’s website states that “The ANAO proposes to examine: Are assessment, compliance and assurance arrangements effective? Are performance measurement and monitoring arrangements […]
AFR Reports Top Tech Companies Approach ATO Seeking a Meeting to Discuss Eligibility of Software R&D Activity
March 15th, 2021The AFR has reported this week that leading technology companies (including Atlassian, Airtasker, Canva and Deputy, among others) have sent a letter to commissioner of taxation, Chris Jordan. The letter reportedly includes an offer to convene a workshop with the ATO to “improve the understanding of software innovation in the tax office and, conversely, address any concerns the ATO has about software related claims”. This letter follows concerns around the eligibility of software development Activity under the R&D Tax Incentive […]
ATO and AusIndustry Joint Podcast on R&D Tax Incentive
March 1st, 2021AusIndustry and the ATO have published a joint podcast on business.gov.au this week, featuring Brett Challans (ATO) and Kelly Wiggins (DISER). The podcast discusses key R&D Tax Incentive issues relevant to each department, including: Eligible entities; The self-assessment process; Categories of ineligible expenditure; Records relevant to substantiating the R&D process through systematic progression of work i.e. from hypothesis to conclusions. E.g. emails, project plans, annual reports, lab notebooks and meeting minutes; Records relevant to substantiating expenditure including invoices, contractors and […]
Record Penalty Imposed for Promotion of Schemes Involving R&D Tax Incentive
February 17th, 2021The Federal Court has imposed a record penalty of $22.68M on Mr Paul Enzo Bogiatto and his associated companies for a contravention of promoter penalty involving tax exploitation schemes relating to the R&D Tax Incentive between 2012 and 2015. Mr Bogiatto had previously been deregistered as a tax agent and member of Chartered Accountants Australia in relation to the matters. Various media outlets and Chartered Accountants disciplinary hearings surrounding the matter reported that: Mr Bogiatto would reach out to clients […]
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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 […]
