We hope that this MJA Update finds everyone doing as well as can be expected in these very challenging times. Not much editorial today. Just news of two changes regarding the R&D Tax Incentive (the Incentive) due to the impact of COVID-19. R&D Tax Bill Review Following the cancellation of the proposed public hearings, the Senate Economics Legislation Committee has…
With the world attempting to come to grips with the COVID-19 situation, it's hard to find too many opportunities for good news but recent discussion regarding the R&D Tax Incentive (the Incentive) is one of them.As you have heard in recent MJA Updates, the Senate Economics Legislation Committee (the Committee) is currently conducting a review into the Treasury Laws Amendment (Research…
Rock and roll fans might recognise the source material of the above quote as being The Who’s “Won’t Get Fooled Again”, Roger Daltrey giving voice to the entrenched frustration Pete Townshend utilised to drive that band to greater and greater heights. (Incidentally, after 16 years, The Who has just released “WHO”, an album that further cements their legacy and is…
The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, is recommending a suite of reforms to the administration of the R&D Tax Incentive (the Incentive), as part of a comprehensive report released last week. The release of the report comes hot on the heels of the introduction of the Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019 The report makes 24…
The Federal Government has introduced the Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019 [https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;page=0;query=BillId:r6473%20Recstruct:billhome] into Parliament today. The Bill seeks to introduce amendments to the R&D Tax Incentive (the Incentive) effective from 1 July 2019. It is almost identical to the Bill that was unanimously sent back to the Government by the Senate Economics Legislation Committee (SELC)…
After 36 years on the Balmain Peninsula, MJA is excited to announce that we are moving premises on Monday 30 September 2019. Our new office address is · 72 Campbell Street Surry Hills Our telephone number will remain the same - 02 9810 7211. We would like to take the opportunity to thank all our clients for their ongoing support…
The past year has been a tough one for the R&D Tax Incentive (the Incentive). The Federal Government's attempt in 2018 to introduce an R&D intensity test for larger claimants courtesy of the Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018 (the Bill) failed. Stakeholders (including Government Senators) rejected…
Innovation policy seldom makes the front pages and the chances have further slimmed since the poor reception from the electorate for Malcolm Turnbull's National Innovation & Science Agenda back in 2015. However, there has been some real heat in the innovation policy debate between the major parties in the lead up to Saturday's Federal Election. The Coalition has indicated a…
After the (failed) attempt in last year’s Federal Budget to introduce an R&D Intensity measure to the Non-Refundable R&D Tax Offset in 2018/19, as part of a raft of cost savings, you’d be forgiven for expecting that a second crack was going to form part of last Tuesday’s Budget announcements. Yet all we got was the sound of crickets. Not…
It was hard to miss last week’s publication by AusIndustry of two Guidelines relating to eligible software development under the R&D Tax Incentive (the Incentive). Both can be downloaded from the AusIndustry website. Software activities and the R&D Tax Incentive (Guideline 1) Guide to Common Errors (Guideline 2) There has already been a lot of press and sharing of opinions about…
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