Companies with a June year end that wish to claim the R&D Tax Incentive for activities conducted in the 2014 financial year need to register before 30 April 2015 to be eligible to claim. The R&D Tax Incentive can provide generous support in offsetting some of the costs of R&D to help your company undertake R&D activities and develop new products, services and processes. There are a few misconceptions surrounding the R&D Tax Incentive that may prevent some companies from […]
The recent submissions to the Economics Legislative Committee were an opportunity for business’ to voice their opinions on recent proposed R&D tax exclusions put forward in the Tax Laws Amendment (Research and Development) Bill 2013. Swanson Reed supported the proposed changes in our submission due to potential benefits to SMEs and the Australian economy (Click here to view our blog on our submission). However big businesses have used the opportunity to fight the proposed changes. The Australian reported on the […]
On 5 December 2013 the Senate referred the Tax Laws Amendment (Research and Development) Bill 2013 to the Senate Economics Legislation Committee for inquiry and report. The Economics Legislative Committee inquiries allow interested parties to submit their views on the proposed changes. The deadline for submitting was 22 January 2014. There was an overwhelming response from the parties who submitted in opposition to the amendment. Swanson Reed stood out for its view that the proposed changes could bring about welcome […]
Last week, the ATO released for public comment  draft Taxation Determination “Income tax: when will Design Expenditure incurred by an R&D entity be included in the cost of a tangible depreciating asset within paragraph 355-225(1)(b) of the Income Tax Assessment Act 1997 (and therefore not able to be deducted under section 355-205)?” Submissions are due by 24 January 2014. The draft Taxation Determination is concerned with situations where an R&D entity incurs expenditure on various stages of design activities, connected with it […]