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Recent 10 Year Anniversary of the Current R&D Tax Incentive

November 12th, 2021

The R&D Tax Incentive in its current form (superseding the previous R&D Tax Concession) was originally enacted in September 2011, applying for the FY12 period.

AusIndustry has recently posted on its website some success stories of Australian companies making effective use of the programme, including:

  • Vaxxas – bringing the world new needle-free vaccine technology;
  • RayGen – bringing new renewable energy technology to the world.

It has been an interesting decade, and whilst the programme has certainly greatly supported many companies, there have been challenges, including:

  • An elongated period of proposed, and then finally legislated change to the programme, following enactment of the Government’s enhancements to the programme announced in the October 2020 budget;
  • A turbulent period in the compliance and administration of the programme, including:

o Mischief by some participants (advisors and claiming entities) leading to some high profile R&D tax disputes and action by the Tax Practitioner Board;

o A widely reported compliance “crackdown” by the regulators during 2017 to 2019;

o Review into compliance processes by the small business ombudsman, which was critical of programme participants (advisors, claiming entities and regulators) in its findings;

o AusIndustry (who jointly administer the programme and make findings on eligibility) announcing in November 2019 that they were overhauling their compliance frameworks to enhance the programme for participants;

o A number of companies whose claims were previously ruled as ineligible being successful in challenging or settling disputes around adverse eligibility assessments.

From Swanson Reed’s perspective, we are optimistic that many of the challenges mentioned above are passed, or greatly reduced. We feel that the R&D Tax Incentive is the most stable it has ever been, and is headed in the right direction.

We call on both sides of politics, as well as programme participants (companies, advisors, regulators) to play their part in maintaining the integrity and stability of the programme.

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 Swanson Reed - Specialist R&D Tax Advisors 
 
 
 Swanson Reed - Specialist R&D Tax Advisors
  
 39 Google reviews 
 
 
 
 
 
  
 
 
 
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2022-08-11
 
 
  
 
I have been using Swanson Reed for my clients for more than a decade.  Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients.
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Damian and the rest of the team at Swanson Reed have been supporting us for several years.  We always appreciate their insights, expertise, and efforts.
  
 
 
  
 
 
 
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Experienced responsive Team. They have been a great help to me and my company navigate the R&D tax claim process and have provided invaluable advice.
  
 
 
  
 
 
 
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Damian and the team at Swanson Reed have been extremely helpfully and professional during all of our consultations. Highly recommended.
  
 
 
  
 
 
 
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2022-06-02
 
 
  
 
The Swanson Reed team have provided our company with exceptional professional advice and assistance for all of our R&D claims for many years - have always achieved great results with excellent value for their services.
  
 
 
  
 
 
 
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2022-06-02
 
 
  
 
Damian Smyth and his team are very helpful, supportive and experts in their field of R&D Tax claims. I'm always happy with the work they do and been a customer of their for over 5 years.
  
 
 
  
 
 
 
 Melissa Doddy 
 
 
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2022-05-31
 
 
  
 
The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end.  Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.
  
 
 
  
 
 
 
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2022-05-31
 
 
  
 
We can highly recommend Swanson and Reed as an R & D accountant. We have worked with them for several years now as they make our R & D claim so easy and communicate quickly with both us and our accountant.
  
 
 
  
 
 
 
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2022-05-31
 
 
  
 
Always professional.