Published on 15 Aug 12
by VICTORIAN DIVISION, THE TAX INSTITUTE
Where do you see your business in 5 years time? Does your business intend to provide the same products or services the same way as now? Are you looking at developing new or improved products, processes, materials, services or devices? Do you have plans to reduce costs or the impact of the Carbon Tax on your business? Do you want to improve productivity? Does your business just need to keep improving just to keep up or stay ahead of the competition’s technology?
Much of what you are doing to achieve this could be BERD – Business Expenditure on R&D. For June year ends, the year just ended was the first year of the new R&D Tax Incentive. This new pogram has been introduced to overcome the problems of the old R&D Tax Concession. The old program had become underpowered and overcomplicated and there were questions about its effectiveness. The new program increases the benefit but changes the definitions, the claiming process and the compliance regime. This presentation covers:
What these changes are and how they may affect your business
- Which businesses are advantaged and which may not be
- What the change from a Super Deduction to a Tax Offset based on notional deductions means
- How the move from a net expenditure claim to a gross expenditure claim with new taxes to claw back recoupments and feedstock revenue work.
Ian Ross-Gowan is a Director with Michael Johnson Associates, Australia's largest independent advisor on R&D programs. Prior to commencing with MJA in 2008, Ian was the Group Taxation Manager of OneSteel. He has been working in R&D from a tax perspective since 1993 including the R&D Tax Concession, R&D Tax Incentive and the 1990s investment allowance. Ian is the major author of the R&D sections of CCH tax guides and writes R&D articles for The Tax Institute's Taxation in Australia journal and is a candidate for a PhD in taxation law with the University of NSW undertaking research into the taxation and accounting treatment of long-term complex production assets.
- Current at
29 June 2012