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TPB Confirms Assisting With R&D Matters Constitutes a Tax Agent Service

August 5th, 2022

The Tax Practitioners Board (TPB) recently published Exposure Draft TPB Information Sheet TPB(I) D48/2022 What is a tax agent service? The document seeks to provide information regarding the TPB’s position on the application of subsection 90-5 of the Tax Agent Services Act 2009 (TASA), containing the definition of a tax agent service. Advisors that provide tax agent services for a fee or other reward must be registered with the TPB. Being registered with the TPB presents requirements around qualification and experience in tax […]

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UK R&D Tax Incentive Changes to Restrict Costs for Activity Not Physically Conducted in UK

August 2nd, 2022

The UK Government has just published draft legislation that includes signification changes to R&D tax incentives, proposed to take effect from 1 April 2023 (noting typical UK tax periods run 1 April to 31 March). Perhaps one of the biggest proposed changes is the restriction of expenditure for overseas activity: In some cases, before the current changes, the cost of overseas activity could be claimed under the UK system. Changes propose to focus UK R&D tax incentives on UK R&D […]

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Federal Government Funding in Australian Renewable Energy Sector

July 26th, 2022

Australia is currently faced with a growing energy crisis and investment in clean energy technology and renewable generation infrastructure has been a large focus of federal governments. In 2020, the previous Government committed to invest at least $20 billion in low emissions technologies by 2030, to drive more than $80 billion of total public and private investment over the decade. The Technology Investment Roadmap, with annual Low Emissions Technology Statements (LETS), provides a comprehensive investment strategy to guide government investment […]

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Limit to Extensions of Time for R&D Applications (92 Days after Statutory Deadline)

July 20th, 2022

Companies should always seek to lodge R&D applications on time to avoid the need to pursue extensions.   Significant changes have been introduced over recent years limiting the time period available to companies applying for extensions of time to submit R&D applications.   A limit on extensions of time to submit an R&D application after a statutory deadline came into effect on 1 January 2021. From 1 April 2022,  this cap was amended from 3 months to 92 days. This […]

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