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The 30 April 2023 deadline is fast approaching for companies looking to lodge a R&D claim for the 30 June 2022 financial year.
On 21 September 2022 a case was released outlining that on 13 July 2022, the Administrative Appeals Tribunal (AAT) determined that the taxpayer was unable to show that activities were eligible R&D activities for income tax purposes. In doing that, the AAT affirmed the previous decision by ISA.
Australia needs a strong innovation and R&D led agenda to grow our current economic standing and develop new competitive industries to drive productivity into the future. With the Government due to hand down the 2022-2023 Federal Budget on 25 October, our experts have provided their insights about what innovation measures we can expect to see from the new Government.
This financial year was a year of many changes in the R&D space – a new government, borders re-opening Australia to the world, easing supply chain pressures driving opportunities for trade, and an appetite to boost on-shore manufacturing.
Income Tax Assessment Amendment (Digital Games Tax Offset) Bill 2021: Measure for Consultation
The ATO has recently undertaken a number of Income tax, Transfer Pricing, GST and R&D reviews of Fintechs across the ‘Top 1000’ and the ‘Medium and Emerging’ markets, focusing on business models such as online lenders, neo banks, buy now pay later providers, and peer-to-peer lenders. Based on the findings, the ATO has identified a number of key risk areas.
In consultation with patent attorneys from Griffith Hack, we have applied our expertise across patent law, R&D tax, corporate tax and industry specific knowledge to consider the challenges and opportunities for patent box here in Australia.
From 1 July 2022, digital games developers will be able to access a 30% refundable tax offset on qualifying expenditure. While details are still thin, Sukvinder Heyer shares what we know about this game changing announcement so far.
The government has said the economy needs to ‘grow’ out of the recession. Innovation will be to key to this.
Crisis creates opportunities and stimulates innovation. Survival is without doubt the most critical focus for start-ups during the COVID-19 pandemic, but it can also be a time for start-up founders to establish a solid and long-term strategic plan for scaling up a sustainable business in the long-run.
Australia has a successful, clear and robust R&D support program. With no additional investment in R&D from the Federal Budget...
The Federal Government delivered its pre-election Budget in May, and the key winners were older Australians, suppliers to infrastructure projects and small business – just to name a few.