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MJA Updates
AusIndustry has a new compliance process. How does it work in practice?
On 1 July 2018, AusIndustry announced that the R&D Tax Incentive compliance process has been streamlined to reduce the burden and improve the timeframes for companies chosen for examination. The stated aim is to make compliance simpler. MJA recently met with Ausindustry management in Canberra to gain a better understanding of how the new process works in practice. If a…The R&D Tax Incentive and 2019 – it’s High Time We All got Around the Table
The recent Senate Economics Legislation Committee (SELC) Enquiry into the proposed R&D Tax incentive (the Incentive) legislation not only highlighted the previously-reported flaws in the reform package. It also pointed to the growing concerns in the Australian innovation marketplace about the current interpretation and delivery of the program by AusIndustry and the ATO. Considerable publicity has since been given to…Senate Inquiry Into The R&D Tax Bill Went Looking For Supporters Of The R&D Intensity Test. Guess What They Found?
Question: What do the following groups have in common? Universities Australia, Medicines Australia, Chemistry Australia, Northern Minerals, Australian Information Industry Association, Western Australian Government, AusBiotech, BioMelbourne Network, Deloitte, BDO Australia, RSM Bird Cameron and us? Answer: None of these groups support the proposed introduction of the tiered R&D Intensity test to the Non-Refundable R&D Tax Offset or the other Budget…Latest R&D Tax Bill – When Being Transparent Is Being As Clear As Mud
On 18 October, the new R&D Tax Bill, Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018, was referred to the Senate Economics Legislation Committee (the Committee) for an inquiry. As part of this inquiry, the Committee was seeking comments on the Bill with public submissions closing on 5 November.…R&D Bill Referred To Senate Committee
Yesterday, the R&D tax Bill, Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018, was referred to the Senate Economics Legislation Committee (the Committee) for an inquiry. As part of this inquiry, the Committee is seeking comments on the Bill with public submissions closing on 5 November. The Committee is then…The R&D Bill Is Introduced To Parliament
Yesterday, on the last sitting day of parliament for this month, the R&D tax Bill was introduced in the Lower House. The Treasury Laws Amendment Bill (Making Sure Multinationals Pay Their Fair Share of Tax in Australia) Bill 2018 (the Bill), details the proposals from this year’s Federal Budget to the R&D tax program and incorporates changes from the Exposure…Appointment Of New Minister – A Chance For The Innovation Economy To Start Afresh
With the appointment of a new Prime Minister, Scott Morrison, the Federal Government has reworked its Ministries and their accompanying Ministers. MJA welcomes Karen Andrews to the new portfolio of Minister for Industry, Science and Technology. Minister Andrews seems ideally suited to the position. She has a Bachelor of Mechanical Engineering and has worked in the areas of plant design…A Call to Arms: A Matter Of YOU Asking The Right Questions About This Proposed Cut To Innovation Support
This MJA Update is an unusual one for us because we are asking you to consider what impact the Exposure Draft on the R&D Incentive changes could make to your business and we are asking you to make your views known as a matter of urgency. The recent release of the Consultation Paper, accompanying the draft legislation and Explanatory Materials…R&D Tax Incentive Reform: Draft Legislation Released
The Treasurer Scott Morrison and the Minister for Jobs and Innovation Michaelia Cash have just released draft legislation to implement the changes to the R&D Tax Incentive announced as part of the 2018–19 Federal Budget. In summary, the proposal is unchanged from Budget night, and the key features of this exposure draft are: Setting the tax offset for non-refundable claimants (> $20…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.