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MJA Updates
The First Draft Determination on Board powers to determine R&D eligibility has been released and it is good news for the R&D Tax Incentive
As part of the largest overhaul of the R&D Tax Incentive (RDTI) since its introduction in 2011, the Industry Innovation and Science Australia Board (the Board) was recently given the ability to provide improved advice on when activities are (or are not) eligible R&D activities. The 2020/21 Budget enabled the Board to provide Determinations on how its powers and responsibilities…The RDTI: Just Like The Other Thing, Let’s All Be In This Together
The unsurprising release of three ATO R&D Tax Incentive (RDTI) guidance products just three working days from Christmas means that eyebrows won’t be raised, nor eyes rolled. It just feels too much like business as usual for that to happen.The specific releases are as follows: TR 2021/5: The final version of TR2021/D3 dealing with the Division 355 "at risk" rulesTD 2021/9:…Significant Grant Funding Announced For A Range Of Australian Manufacturers
The Federal Government has confirmed a second round of grant funding through its Modern Manufacturing Initiative, with applications opening this week. The announcement was contained in a statement from industry minister Angus Taylor on Thursday, with $280 million available through the second round. Grants range between $1 million and $20 million and can cover up to 50 per cent of…The R&D Tax Incentive: Still To Cement A Legacy
Earlier this month, the Australian Government published an article on its business.gov.au website celebrating 10 years of the R&D Tax Incentive (RDTI), lauding the fact that more than 30,000 companies have accessed the program since it began in July 2011 including 2,000 to 3,000 new businesses per year. In the article, the 2011 legislation was praised for making the government…The R&D Tax Incentive – Welcome To The Second Chance Saloon
In one of those 'blink and you missed it' moments, the R&D Tax Incentive (RDTI) turned 10 years old earlier this week. This MJA Update has chronicled the tumultuous times associated with the program ranging from the unbridled enthusiasm with which the Federal Government promoted the benefits in the early years to the intensely difficult 2015-2019 period referred to as…Newsflash! Software R&D Claims Are OK According To Government Guidance A Good News Story
If you have followed the R&D Tax Incentive (RDTI) in the past five years, you will not have been able to avoid the controversy surrounding the eligibility of software R&D. The issue has been as ubiquitous as the expressions “new normal”, “unprecedented times”, “we’re all in this together” and “no sugar, thanks”. A little over two years ago, there was…The R&D Tax Incentive and Software Development: A better fit than the alternatives.
Since the announcement in the October 2020 Budget that the R&D Tax Incentive (RDTI) cuts were not going through, the attention has turned to the thorny issue of the eligibility of software R&D. Many commentators are pushing for the introduction of a separate tax concession program for software R&D in certain circumstances. MJA Director, Ian Ross-Gowan, reflects on the wisdom…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…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.