Reports have emerged that the chiefs of Australia’s leading technology companies collaborated in sending a joint letter to Prime Minister Scott Morrison on Friday. The letter was signed by leaders at Atlassian, Canva, Airwallex, Culture Amp, StartupAUS, Prospa, Freelancer, NextDC among others. The letter has expressed particular concerns regarding: Australian investment in research and development lagging behind peer OECD nations; The proposed reforms to reduce the R&D Tax Offset; The retrospective implementation of the reforms, if passed as law; A […]
Argent Minerals Limited has previously disclosed a liability in the company’s 2019 annual report for “R&D Claims repayable” of approximately $1.4M. This liability was in respect of R&D Tax Offsets for the FY16 and FY17 periods that AusIndustry had found related to ineligible activities. Argent Minerals Limited had, at the time reported that the company remained of the view that its R&D activities were eligible, and intended to pursue a dispute of the adverse finding. In May 2020, the company […]
In December 2019, the government re-introduced a bill to reform the R&D Tax Incentive. This bill was a slightly modified version of a previous reform bill (Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018), which did not pass through the Senate at that time. A Senate Economics Legislation Committee recommended in February 2019 that the initial bill should be deferred from consideration until further analysis of the bill’s impact […]
As had been anticipated, the ATO will be requiring adjustments to R&D claims that contain salaries reimbursed by the JobKeeper Scheme. Companies lodging FY20 R&D claims who have also received the JobKeeper stimulus must carefully review and adjust R&D claims where necessary. The basis of this need for adjustment is the ATO’s position that companies are not deemed to incur salary expenditure at their own financial risk where such costs are being reimbursed by the Job Keeper Scheme. Draft Taxation […]