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New AAT Case re: R&D Entity Claiming Overseas Moulds/Assembly etc. Without an Overseas Finding

November 4th, 2022

A new AAT decision handed down in October 2022 (T.D.S BIZ PTY LTD and Commissioner of Taxation) considered the case of an R&D Entity attempting to claim the cost of overseas moulds, fabrication, CAD and assembly within their R&D Tax Incentive claim without having first attained an Overseas Finding from AusIndustry. This is one of the only administrative decisions to consider the specific issue of: Is R&D expenditure related to the cost of components for conducting R&D activity in Australia; […]

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New Government’s Federal Budget October 2022 – No R&D Tax Changes (Thankfully!)

October 26th, 2022

The new Labor Government has handed down their first budget in October 2022.   Leading into this budget, there was not anticipated to be any changes proposed to the R&D Tax Incentive, since the previously announced changes for FY22 had only recently been legislated by the previous Coalition government, and were passed with support from the (then) Labor Opposition.   Based on a preliminary review of the October 2022 budget material, no material changes seem to have been proposed to […]

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International and Domestic Uptake of Medtech R&D

October 21st, 2022

Australia’s medical technology industry has experienced significant growth over the past few years, with industry experts saying healthcare is a major area for digital disruption. In 2021, the medtech industry was investing $10 billion a year in Australia, up from around $300 billion in 2013, according to the New Daily. Whatsmore, 15 of the top 20 biotech companies have sales and revenue, which wasn’t the case 15 years ago. Whether the demand has been a long time coming with an […]

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R&D Tax Registrations – Upcoming Deadlines

October 10th, 2022

Companies seeking to register R&D Activities conducted during the Year Ended 31 December 2021 (companies that have a December YE for tax) who are yet to do so should note that the Registration Deadline is the end of October 2022. 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 allow […]

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