Companies are now able to register R&D Activities conducted during the year ended 30 June 2024 (FY24) with AusIndustry. For the FY24 period, the application process is again administered through the new online AusIndustry customer portal which was introduced for the prior FY21 period. We understand that the AusIndustry activity disclosure requirements for FY24 are not materially different to prior years. In addition, as the major changes for calculation of R&D Tax Offsets (disclosed in the ATO R&D Schedule) arose […]
A feature article authored by Swanson Reed is included in June 2024 volume of the Taxation in Australia. Swanson Reed’s article covers the recent R&D tax incentive taxpayer alerts released in December 2023 (TA 2023/4 and TA 2023/5). These alerts primarily relate to whether entities registering R&D activities and claiming R&D tax offsets can be shown to be the entity for whom the registered R&D activities are conducted, as required by law. TA 2023/4 and TA 2023/5 indicate that the […]
Companies seeking to claim expenditure for overseas activity incurred by an Australian company under the R&D Tax Incentive must apply separately to claim these costs by first lodging an Overseas Finding Application with AusIndustry. In addition to general eligibility criteria, there are specific and extensive rules to determine whether expenditure on overseas activities is eligible under the R&D Tax Incentive. Generally, expenditure incurred by Australian companies on R&D activities conducted overseas can only be eligible for the R&D Tax Incentive where: The […]
Moreton Resources Ltd (currently under external administration per ASIC records) has been involved in several cases heard in the AAT and federal court regarding disputes over the company’s significate refundable R&D Tax Offset claims. Moreton Resources Ltd has also been one of the few companies to have attained a favourable outcome in a dispute with the R&D Tax regulators in recent years. The company has been involved in new AAT case recently (Moreton Resources Ltd and Commissioner of Taxation (Taxation) [2024] AATA […]