Over the last twelve months there has been substantial activity in respect to the research and development (R&D) tax incentive with various announcements broadcasted by the government and a declaration of a review of the programme. As a result, the discourse of business and government in Australia is rife with mentions to innovation, disruption and dexterity. Last night, the treasury announced the 2016-2017 budget, signifying a major step in making Turnbull’s innovation goals a reality. In light of this, the […]
A century ago, Sweden was among the poorest nations in Europe. It’s a small country, home to just 0.13 per cent of the global population. Yet today, it is a world leader in innovation. In fact, the Innovation Union Scoreboard 2010, an index published by the European Commission, ranks Sweden as the leading country for innovation among EU member states. Fittingly, Australia’s latest Prime Minister has recently pinned the country’s economic renaissance on an ‘Ideas Boom’, where innovation and technology drive […]
This year, April 30 transpired on a Saturday which has subsequently extended the R&D tax incentive registration deadline to today (2 May 2016). Moreover, as it is a public holiday in Queensland today, Queensland-based entities may lodge registrations until tomorrow (3 May 2016). As per previous years, the R&D tax incentive registration deadline is 10 months after a company’s financial year end. Thus, for companies with a June 30 financial year-end, they will typically need to register their R&D activities […]
The R&D tax incentive operating from FY12 entitles companies to tax offsets for eligible expenditure on registered R&D activities, in exchange for tax deductions on the expenditure. The Incentive introduced the concept of a notional deduction, since eligible expenditure notionally determines R&D tax offsets, but any entitlement to a tax deduction is foregone. The forfeiture of tax deductions for R&D expenditure is made at item 7, label D (addback of non-capitalised R&D expenditure) in the company tax return. Prior the […]