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MJA Updates
Hello, Mariah? Are You Out There?? Here Are Our Christmas Wishes For R&D
So we’ll admit to being a bit greedier that Mariah Carey who apparently only wants “you” for Christmas. Coming off the great news in the October Budget that shored up the value of the RDTI for the 2021/22 year and beyond, MJA would like the Government to look at the following options to be placed under the R&D Christmas tree…Federal Government Launches Round 2 of the Manufacturing Modernisation Fund
Immediately below is an important press release from the Federal Government regrading industry assistance. Applications for Round two of the Manufacturing Modernisation Fund (MMF) are now open. As the first of the key initiatives to be launched under the Australian Government’s $1.5 billion Modern Manufacturing Strategy, Round two of the MMF is helping to modernise our manufacturing sector. It will…R&D Tax Incentive – Now We Have Some Clear Air, Will It Be Smooth Sailing?
The recent passing of the Bill that preserved and, in some ways, extended the value of the R&D Tax Incentive (the RDTI) has been warmly received by the market.It follows the improved understanding of the program requirements contained in the Moreton Resources and Bogiatto cases, along with the noticeable improvement in the administration of the program in the wake of the Small Business and…R&D Tax Incentive & The 2020 Federal Budget: A Good News Story At Last Program To Be Strengthened In 2020/21; Proposed Cuts Abandoned
The thousands of companies that deliver Australian innovation have received a tremendous boost in tonight's Federal Budget.The current R&D Tax Incentive (RDTI) Bill, that sought to introduce $1.8 billion in cuts over 4 years from 2019/20 onwards, has been abandoned. This means that the current RDTI regime applies for the 2019/20 and the current financial years.In a truly exciting development, the…When Innovation Policy Resembles The Latest Hollywood Blockbuster
For those lucky enough to have made it back to the cinema, the main offering has been Christopher Nolan's latest magnum opus, "Tenet". It's not a spoiler to say that there are several shots throughout the movie displaying time moving forwards and backwards on the same screen. And, we were eerily reminded of that idea during this exchange between Prime…Just in time for Spring….
Spring is just around the corner, and even the Department of Industry, Science, Energy & Resources (the Department) has been doing some spring cleaning. The Department has just released its “refreshed” version of the principal guidance product for the R&D Tax Incentive program, namely the Guide to Interpretation. To view this refreshed Guide, please click here. The Department is seeking feedback on…Senate Committee Report Delayed till Post-Budget
In February 2020, the Senate referred the provisions of the Treasury Laws Amendment (Research and Development Tax Incentive) Bill (the Bill) 2019 to the Economics Legislation Committee for inquiry and report by 30 April 2020. This was then extended to 7 August,and then to24 August, presumably due to the restrictions imposed by Covid 19. On Friday 21 August 2020, the Senate…The R&D Tax Incentive – How To Take Some Of The Anxiety Away
Followers of the MJA Update will be all too keenly aware of the uncertainties associated with the outstanding Bill that cuts the value of the R&D Tax Incentive (the Incentive). The Bill pares back value for the Refundable R&D Tax Offset and slashes support for the vast majority of Non-Refundable Offset claimants off the back of a questionable R&D intensity premium measure.…ATO Issues Draft Taxation Determination Regarding Impact Of JobKeeper Payments
The ATO has released Draft Taxation Determination TD 2020/D1, setting out how the 'at-risk rule' (section 355-405 of the Income Tax Assessment Act 1997) applies to JobKeeper payments received by a company conducting activities eligible for the R&D Tax Offset.In short, the ATO is of the view that eligible R&D activities subsidised entirely or in part by JobKeeper payments will not attract…Keep informed
MJA updates keep you informed on how government decisions will effect your business. This is a must if you want to know the latest on business and company insights without having to read and decipher complicated law and tax manuscripts.