Argent Minerals Limited has disclosed a liability in the company’s 2019 annual report for “R&D Claims repayable” of approximately $1.4M. This liability is in respect of R&D Tax Offsets for the FY16 and FY17 periods that AusIndustry have found relate to ineligible activities. The report notes that: the finding was received in January 2019, and that an independent review is being conducted of the finding. Independent reviews are available to companies under the current compliance continuum where activities are found […]
An editorial published in today’s Australian Newspaper has highlighted that the taxation system is one of the most effective means of encouraging business to invest in R&D, and that Incentives could be used to enhance declining levels of business investment in R&D (“BERD”). The editorial emphasises Australia’s declining levels of BERD which have been widely reported in the media recently: Australia’s BERD dropped from 1.88 per cent of GDP in FY16 to 1.79 per cent in FY18; Australia’s BERD has […]
InnovationAus.com has reported that Industry Minister Karen Andrews is investigating potential changes to the administration of the R&D Tax Incentive to give companies greater certainty about their claims. The report of potential changes has come following recent comments by Small Business Ombudsman Kate Carnell and Tax Commissioner Chris Jordan on the administration and compliance aspects of the programme. Within the article, Mrs Andrews ruled out issuing any new guidance that would change the established definitions about what constitutes R&D under the […]
During a presentation to the Council of Small Business Organisations of Australia National Small Business Summit, tax commissioner Chris Jordan has commented that there is a structural problem with the operation of the R&D Tax Incentive, particularly surrounding the self assessment regime whereby the ATO may undertake reviews following a previous registration of R&D Activities and receipt of funds. In comments published by the Sydney Morning Herald, Chris Jordan was critical of the R&D “industry” that has emerged in professional […]