The Australian Taxation Office (ATO) and AusIndustry have advised that they will host a series of online sessions for stakeholders seeking to learn more about the R&D Tax Incentive. The sessions aim to provide an introduction to the R&D Tax Incentive and guidance on key eligibility requirements. The sessions are being held online in October and November and registration details are available on business.gov.au. Get in touch with our office if you would like to speak to someone about a potential […]
R&D Claims for the YE 30 June 2022 involve a number of changes from prior years, reflective of the legislative amendments arising in the October 2020 budget. These amendments change the mechanisms for calculation and reporting of R&D Tax offsets to the ATO, which also presents the need for corresponding changes in the company tax return. In late May 2022, the ATO released its Research and development tax incentive schedule 2022 (NAT 73794), with corresponding changes to the labels within. […]
In an article published in the AFR on 30 April, Deputy vice-chancellor of research at the University of Sydney Emma Johnston called on the government to fund research and innovation directly (e.g. via a grant), rather than through tax incentives. It was noted as being part of a push for greater mobility between the corporate and business sectors, which leading academics say will boost investment in research and innovation. Professor Johnston was quoted in AFR stating that the R&D tax […]
A recent article by Dr John Howard on InnovationAus has highlighted a comparison between Public Funding for R&D in USA (following passage of a new act) against Australia. The article highlights that: The Chips for America Fund (US$52.7 billion) and recently enacted CHIPS and Science Act will authorise a five-year US$169.9 billion (A$245 billion) Research and Innovation Initiative – a US$82.5 billion increase over the current baseline. This is the biggest five-year investment in public R&D in United States history. […]