Home » News » For Accountants

For Accountants

Upcoming R&D Tax Registration Deadline for December Year End

October 3rd, 2023

Companies seeking to register R&D Activities conducted during the Year Ended 31 December 2022 (companies that have a December Year End for tax) who are yet to do so should note that the Registration Deadline is the end of October 2023. The blanket and automatic extensions granted during COVID no longer apply, and the statutory deadlines revert to normal (10 months after the end of the financial year). There are mechanisms available under the IR&D Act and IRD Decision making provisions that […]

Read More

LAKES OIL NL Provides Update on R&D Tax Activities Found Ineligible

September 25th, 2023

A recent AAT Decision dated  26 April 2023 (LAKES OIL NL and INNOVATION AND SCIENCE AUSTRALIA (Taxation) )  found a company’s registered activities were not eligible under the R&D Tax Incentive. The project under scrutiny in the case was entitled “Project 1 – LAK2006 ‘Hydraulic Fracturing Technology for Gippsland Tight Gas’”. The dispute was focused on a registration in the FY14 and FY15 period. During the case INNOVATION AND SCIENCE AUSTRALIA contended that: the activities undertaken were not experimental activities; almost all […]

Read More

Interaction between R&D Tax Incentive and Small Business Technology Investment Boost

September 18th, 2023

Under the recently enacted small business technology investment boost, small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction to support their digital operations and digitise their operations. The boost applies to eligible expenditure incurred between 7:30 pm AEDT on 29 March 2022 and 30 June 2023. The boost is for business expenses and depreciating assets and is capped at $100,000 of expenditure per income year. You can receive a […]

Read More

Ignite Ideas Fund – Round 11 Now Open to QLD Businesses

September 4th, 2023

The QLD government has announced that round 11 of the Ignite Ideas funding is available to commercialise highly innovative and new products or services that are at minimum viable product stage or beyond. The Ignite Ideas Fund is designed to support Queensland based small to medium businesses that have high-growth potential to undertake commercialisation projects that will: strengthen key industries in Queensland diversify the Queensland economy compete in domestic and global markets engage and/or benefit regional Queensland create new jobs, […]

Read More

Categories

Archives