Swanson Reed News

Australian Investment Council Proposes Relaunch of R&D Tax Incentive in May Budget

February 15th, 2021

The Government’s annual federal budget is traditionally delivered during May each year, however in 2020 it was deferred until October due to COVID. When the 2020 budget was finally handed down, it provided welcome news for the R&D Tax Incentive, since previously proposed budget cuts were replaced with alternate changes providing additional R&D tax benefits from FY22. The Government’s 2021 federal budget (potentially an election year budget) is due to be handed down in May 2021. InnovationAus has recently summarised […]

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H2O Exchange Pty Ltd v Innovation and Science Australia [2021] FCA 11 (22 January 2021)

February 8th, 2021

Introduction In October 2019 a decision was reached by the AAT in the matter of H2O Exchange Pty Ltd and Innovation and Science Australia. The matter related to dispute of a previous decision by Innovation and Science Australia (AusIndustry) finding that Activities registered under the R&D Tax Incentive were not in accordance with the legislative requirements. Background The disputed project registered related to the development of an online platform for the cross-border trading of water entitlements and allocations, that could […]

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Lobbying for Enhancement to R&D Tax Incentive for Software Development Activity

February 1st, 2021

In September 2019, the Senate resolved to establish a Select Committee on Financial Technology and Regulatory Technology to inquire on a range of matters including “the effectiveness of current initiatives in promoting a positive environment for FinTech and RegTech start-ups”. This committee signifies that the government considers Fintech to be an industry of strategic importance. As part of the inquiry, the Committee has taken submissions, and a number of key stakeholders have raised the R&D Tax Incentive, which is obviously […]

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AFR Reports of Dispute Between R&D Entity and R&D Advisor for Liability Over Reversed R&D Claims

January 25th, 2021

In early January 2021, the AFR published a story in respect of an Australian R&D Entity taking legal action against a large professional advisory firm in respect of allegations that its tax advice was below industry standards, not fit for purpose, and not undertaken with due care or diligence. The case specifically relates to R&D Claims the Australian R&D Entity made in the in the FY14 and FY15 periods which were subject to reviews by the ATO and AusIndustry, leading […]

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Bryce Steele
Principal, Melbourne
Tom Parkhouse
Principal, Sydney
Andy Nguyen
Principal, Brisbane
Holly Parkinson
Manager, Adelaide
David Greatwich
Principal, Perth
Krishna Gungaram
Manager, Hobart

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