Companies are now able to register R&D activities with AusIndustry for the year ended 30 June 2021 (FY21). For the FY21 period, the application process is now administered through the new online customer portal which has presented a number of changes over the previous processes, including: The need for the company director to have established a MyGovID account linked to the R&D entity and their R&D tax agent; New questions and reporting fields in the R&D application, including: Details of […]
Under SECT 355.405 ITAA97, an entity cannot claim R&D expenditure in situations where: (a) when an entity incurs R&D expenditure, consideration had been received, or was reasonably expected to be received: as a direct or indirect result of the expenditure being incurred; and regardless of the results of the activities on which the expenditure is incurred; and (b) that consideration is equal to or greater than the expenditure. The spirit of this provision is to ensure companies only receive a […]
Northern Minerals Ltd was one of the most high profile R&D tax disputes reported at the height of the R&D tax incentive compliance “crackdown” period. The company reported a significant liability in respect of regulators seeking repayment of disputed R&D tax offsets; It was subsequently reported in August 2020 that the company had settled the dispute with the ATO relating to claims in the FY17 and FY18 periods, along with an agreed framework for claims in the FY19 and FY20 […]
AusIndustry have changed their reporting processes whereby they are mandating the use of a new online form for FY21 onwards. As part of this, directors of companies must set up a myGovID account (or use an existing myGovID), then link their personal myGovID to their R&D-registering company, then link to the R&D tax advisor preparing the application. Instructions for this process to link Swanson Reed to your company are as follows: Note that if you have previously activated your company as […]