XPED Limited had previously announced to the ASX in July 2019 that the company had received notice from AusIndustry of a finding assessing registered activities as ineligible under the requirements of the R&D Tax Incentive for the 2017/18 period, totalling approximately $1.6M. The activities in dispute were in respect of development of Internet of Things based software and hardware solutions. The July ASX Announcement included a statement that XPED Limited was committed to appealing the finding. XPED Limited have since […]
AusIndustry have circulated a link to an update on their website in respect of a revised integrity management approach, which is detailed here. This update has come following the release of an Australian Small Business and Family Enterprise Ombudsman (ASBFEO) report on the administration of the R&D Tax Incentive, which was critical of some aspects of the processes for compliance reviews. Key highlights from AusIndustry’s update include the following: A stated commitment to two way engagement and transparent decision making; A […]
In recent months it was reported that the Australian Small Business and Family Enterprise Ombudsman had been conducting a review of the administration of the R&D Tax Incentive’s administration. The report has now been completed and is available here. Some key recommendations by the Ombudsman’s report include the following: “Where compliance examinations/audits are necessary, they should take place as close as possible to the first year of registration of a project. Statutory examinations by AusIndustry should not be retrospective beyond […]
The federal government has today reintroduced legislation to reform the R&D Tax Incentive (Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019) which is detailed here. The previous bill attempting to reform the R&D Tax Incentive did not pass through the Senate, and a Senate Economics Legislation Committee recommended that the bill should be deferred from consideration until further analysis of the bill’s impact is undertaken, particularly with respect to concerns around the proposed intensity threshold and refundable offset […]