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27 May 2021 Business Measures

New R&D Tax Incentive customer portal

A new customer portal has been launched to make it easier for companies to manage their applications for the Research and Development (R&D) tax incentive.

Applications can be submitted via the portal from 5 July 2021, but you can log in now to become familiar with the new portal and start drafting your application.

More information can be found here.

Working out your residency

You need to know the residency status of your business entity to determine your Australian income tax obligations. Find out more here.

COVID-19 effects on foreign incorporated companies

If the only reason for holding board meetings in Australia or directors attending board meetings from Australia is because of the effects of COVID-19, then the ATO will not apply compliance resources to determine if your central management and control is in Australia.

More information can be found here.

COVID-19 and permanent establishments

The ATO has updated their guidance on whether the presence of employees in Australia, due to the impacts of COVID-19, may create a permanent establishment.

The updated guidance states that the ATO will not apply compliance resources to determine if you have a permanent establishment in Australia if:

  • you did not otherwise have a permanent establishment in Australia before the effects of COVID-19
  • the temporary presence of employees in Australia continues to solely be as a result of COVID-19 related travel restrictions
  • those employees temporarily in Australia will relocate overseas as soon as practicable following the relaxation of international travel restrictions
  • you have not recognised those employees as creating a permanent establishment or generating Australian source income in Australia for the purpose of the tax laws of another jurisdiction.

More information can be found here.

Tax depreciation guide now available

The ATO has published a guide to tax depreciation incentives and when businesses can consider using them.

Only one incentive can apply for an asset. If more than one incentive can apply to an asset, the order of application is (subject to opt out choices):

  1. Temporary full expensing
  2. Instant asset write-off
  3. Backing business investment
  4. General depreciation rules

More information can be found here.

Key dates for June 2021

21 June 2021: May monthly BAS due

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