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R&D tax incentive and compliance for the resource sector paper

Published on 18 Oct 13 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

On the surface, the transition from the R&D Tax Concession to the R&D Tax Incentive appears to be superficial, but changes to the definition of eligible R&D activities have caused headaches for companies in the resources sector. This paper provides a resources focused overview of the R&D Tax Incentive, as well as tips and traps for companies lodging R&D Tax Incentive applications.

Topics covered include:

  • the changed definition of eligible R&D activities
  • issues relating to the eligibility of mining and minerals processing trials
  • the treatment of foreign-owned R&D
  • the requirements for advance and overseas findings
  • the impact of the wider feedstock expenditure provisions
  • the challenges associated with the new compliance regime.

Author profiles:

Steve Elias
Steve commenced his career as a qualified Chemist specialising in synthetic organic chemistry and working within the mining industry. During this time Steve has assisted a range of multi-national companies in managing and improving the efficacy of their process chemistry for production and financial sustainability. Prior to joining RSM Bird Cameron, Steve worked as a project manager in the ICT industry and was an R&D tax incentives specialist at a big four accounting firm for five years. Steve provides R&D tax incentive advisory services at RSM Bird Cameron and his experiences assist clients in various aspects of the R&D claim process. Current at 18 October 2013
 
Aaron Ng
Aaron commenced his career at the Australian Taxation Office as a compliance officer in the large business and international business line which administers the income tax system for large business and multinational taxpayers. During this time, Aaron has undertaken numerous audit products examining multiple and complex taxation issues across various industries predominately made up of mining, oil and gas and services to mining. Prior to joining RSM Bird Cameron, Aaron worked for AusIndustry as a R&D project assessor determining the eligibility of R&D projects under the compliance continuum across a magnitude of industries. Aaron has also conducted statutory assessments (formal audits of R&D activities) and advanced/overseas findings to determine the eligibility of overseas activities. Based on Aaron’s knowledge and experience of AusIndustry’s compliance process, his experiences enable him to assist clients in various aspects of the R&D claim process offering unique insight from an AusIndustry perspective. Current at 18 October 2013

This was presented at Resources 101.

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