One of the major national newspapers has this week posted an article seeming to suggest that a raid by federal police and tax office agents on a start up in recent weeks may have been linked to the company’s R&D Claims. Swanson Reed does not know specifics of this case, nor know whether the media reports are accurate, and will accordingly not mention the name of the entities involved. It is worth noting, however, that the magnitude of R&D Expenditure […]
As noted on the Swanson Reed blog in November 2022, an AAT decision handed down in October 2022 (T.D.S BIZ PTY LTD and Commissioner of Taxation) considered the case of an R&D Entity attempting to claim the cost of overseas moulds, fabrication, CAD and assembly within their R&D Tax Incentive claim without having first attained an Overseas Finding from AusIndustry. This was one of the only administrative decisions to consider the specific issue of: Is R&D expenditure related to the […]
In June 2023, Treasury Laws Amendment (2022 Measures No 4) Bill 2022 was passed to enact the digital games tax offset (DGTO). The DGTO initiative was proposed by the former government as a refundable offset for Digital Games, to strengthen the digital games industry and develop local capability. The Digital Games Tax offset only applies to a company that: carries out its business activities in Australia and has an ABN; is primarily responsible for the digital game development activities undertaken; […]
Companies are now able to register R&D Activities conducted during the year ended 30 June 2023 (FY23) with AusIndustry. For the FY23 period, the application process is again administered through the new online customer portal which was introduced for the prior FY21 period. There were substantial changes made to the R&D Activity technical description requirements in FY21, however the AusIndustry activity disclosure requirements for FY23 appear not to have materially changed. In addition, as the major changes for calculation of […]