An Article in the Sydney Morning Herald during the week has highlighted the increasing trend of companies seeking finance based on anticipated R&D Tax Entitlements. This allows companies to access funding now, based on a portion of what their anticipated R&D Refund is expected to be, once claims can be lodged after 30 June. Providers of such finance usually require: interim financial statements and R&D Calculations to be reviewed in detail; an assessment of the companies R&D Activities to be undertaken […]
In the wake of the COVID-19 situation, there has been numerous parties lobbying that: Not only should the R&D Tax reforms proposed to apply for FY20 be abandoned; but The government should also implement measures to enhance incentives for business investment in R&D. InnovationAus has reported that Science & Technology Australia (STA) has proposed: If the government’s proposed reduction to the R&D Tax Incentive were implemented, that any savings be directed to a research translation fund to help Australia build greater […]
Companies seeking to claim overseas expenditure, or seeking an advance determination on eligibility of a project must lodge a finding Application period to the end of the financial year in which the activity is first conducted (i.e. 30 June for activities in FY20). During a finding process, AusIndustry provides a binding determination of eligibility, and an enormous amount of work must be put into such applications, including the collation of a vast amount of supporting evidence. There is no provision […]
The Australian newspaper digested the ASX announcement of CSL late last week and detailed how the company, which recently has overtaken CBA as the largest cap stock on the ASX, has rapidly adapted its R&D Effort in response to the COVID-19 situation. The article reports: The health challenges presented by COVID-19 have led to delays in the ability to conduct clinical trials and to progress candidates within the company’s existing pipeline; CSL remains on track to invest 10% of its […]