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MJA Updates
Cuts to R&D Tax Incentive Appear To Be Dropped
When Malcolm Turnbull requested the Governor General to prorogue Parliament to deal with a hostile Senate, he (most likely unintentionally) caused the Bill to cut the rate of the R&D Tax Incentive by 1.5% to lapse on Sunday night. The Bill, which had proposed a rate cut to apply retrospectively for all claims from 1 July 2014, has been up for…Submitting to an R&D Tax Incentive Review (Again). Why You Should Bother
Last week, we alerted you to the Review of the R&D Tax Incentive (the Review) as part of the National Science And Innovation Agenda (the Agenda) and to the fact that the Review Chairs have released an Issues Paper to assist stakeholders who wish to provide additional input to the Review. (For more information or to view the Issues Paper visit…We have been saying that R&D can be part of business as usual and the AAT agrees
The recent AAT decision, JLSP and Innovation Australia [2016] AATA 23 (22 January 2016) http://www.austlii.edu.au/au/cases/cth/AATA/2016/23.html, is the first decision on the definition of R&D since the R&D Tax Incentive (the Incentive) provisions were introduced in 2011. This decision confirms that R&D can be undertaken in a commercial context and it is possible to have a business as usual activity that is…What’s your new year’s resolution?
To exercise more? To improve your diet? To stop wasting time on cat videos? Research suggests that most New Year’s resolutions are unlikely to succeed. However, if your resolution is to improve the documentation of your R&D activities, we would suggest that this is a resolution you should work hard to ensure you keep. Following on from a long list…This time of year, it’s all about the messaging
We think it’s fair to say that people may have got a touch overexcited about what might have been in the Prime Minister’s recent Innovation Statement. There was talk of new funding for competitive grant programs for industry, a radical overhaul of the R&D Tax Incentive (the Incentive) and the like. As we saw, the announcement was a modest one…Innovation Statement: R&D Tax Incentive Under Review (Again)
Earlier today, the Prime Minister, Malcolm Turnbull, unveiled the Federal Government’s National Innovation and Science Agenda. Full details of the statement can be explored at http://innovation.gov.au/page/agenda Seeking to emulate the mining boom with a more permanent “ideas boom”, the Government’s announcement revolves around four key ideas: culture and capital, collaboration and skills, incentivising risk, and government as an exemplar, with Mr…The Innovation Statement – Good As Gold?
Celebrated American author, Joseph Heller, is best remembered for the towering achievement that was “Catch-22”. One of his lesser known (but highly enjoyable) reads is “Good As Gold”, the story of a middle-aged university English professor and author who is offered the chance for success, fame and fortune in Washington D.C. as the country's first ever Jewish Secretary Of State.…R&D Rate Reduction Bill – Still Hanging in There
The Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015 has appeared and re-appeared on the Senate Order of Business a number of times over the life of the current Senate, without coming to a vote or, until this week, even being debated. This Bill, if passed, will reduce the rates of the refundable and non-refundable offsets by 1.5 percentage…R&D Rate reduction Bill update
Parliament has survived its first week back with a new speaker and a strong focus on the calls for marriage equality. In the background, the Senate has not considered the re-tabled proposal to reduce the R&D tax incentive benefit; a further cut to the program following the introduction of the $100 million expenditure cap. However, unlike the cap, this reduction will affect…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.