As part of the Government’s ongoing commitment to restore simplicity and fairness to the Australian tax system, today, Treasurer Joe Hockey announced the re-tabling of many bills that were introduced by the previous parliament. Of the 92 unlegislated tax and superannuation changes, the Government will proceed with 18 initiatives, including a bill that will deny access to the R&D tax $20 billion turnover companies.  The Government has announced that this measure alone will raise $1 billion in revenue. The Government intends […]
Alchemia (ASX:ACL) has received an additional $8.8 million rebate as part of the R&D Tax Incentive Scheme. The new rebate for FY13 brings the total funds Alchemia has received under the R&D incentive scheme over the last 12 months to over $13 million. In December, Alchemia won approval from AusIndustry to apply for incentive credits for non-Australian R&D conducted by business unit Alchemia Oncology. In a filing, the company said its FY13 rebate includes claims from both overseas and domestic R&D, […]
The Tax Laws Amendment (2013 Measures No. 4) Bill 2013 aimed to establish a new scheme for making refundable tax offsets available in quarterly installments. Under that proposed scheme, eligible small and medium companies would access installments on a quarterly basis in anticipation of claiming the 45 per cent research and development refundable tax offset at the end of the income year. Â It is the first of its kind in Australia. However, with a new Parliament comes a new plan […]
Changes to the definition of eligible activities; uncertainties around the definition of new terms, such as dominant purpose; and recent decisions handed down in the Administrative Appeals Tribunal (AAT) regarding substantiation have all contributed to additional uncertainty for taxpayers during the transition to the new R&D Tax Incentive. In the AAT, a number of decisions have been handed down, deciding against taxpayers on the basis that the documents provided were insufficient or inappropriate for substantiating the R&D claims. While the […]