The Research and Development (R&D) Tax Incentive provides a tax offset for Australian company’s eligible costs of doing eligible R&D activities by reducing a company’s income tax liability. Tax offsets of 43.5% or 38.5% are available for costs incurred on eligible activities depending on a company’s annual aggregated turnover. The 43.5% benefit is a refundable…
R&D Tax Incentives: Benefits and Eligibility Accessing the federal government’s research and development tax incentive is often considered too complicated by SME’s to be worth their while. However, if claims are able to be adequately substantiated the benefits available are generous. In recent times, our clients have had great success accessing their R&D entitlements by engaging experts to review…
Tax Incentives For Businesses on R & D Are you aware of R & D tax incentives that can help drive innovation and value for your business? If your business engages in activities designed to improve a product or service that you take to market, you may be eligible for lucrative cash refunds for expenditure…
Employer Superannuation Fund Compliance To Benefit Tax Deductions Employers are entitled to a tax deduction for contributions made to a complying superannuation fund or a retirement savings account (RSA) for the purpose of providing superannuation benefits for their employees. The contributions are only deductible for the year in which they are made. To maximise the…
ASIC Advises Businesses to Be Wary of Default Funds with Inducements The Australian Securities and Investments Commission (ASIC) has updated its guide to help employers select a default superannuation fund for their employees. The guide sets out a range of factors for employers to consider when deciding on a default super fund for employees (eg. fees,…
Insights About Your Fringe Benefit Tax Obligations Unsure about your Fringe Benefits Tax (FBT) Obligations or what FBT is about? We have compiled some helpful tips that can help you. If you own or lease a car that is available for the private use of your employee/s you may be providing a car fringe benefit.…
Small Business Restructure Roll-over From 1st July 2016 small businesses, defined as those with a turnover under $2m in the prior year, current year, or following year, have a new tax rollover available when restructuring. Should the Turnbull government be able to get key parts of their budget passed by Parliament qualification for this rollover increases…
Getting The Benefits From Your Investment Property Do you have a commercial property as an investment? If so, what has your tenant done to the property over the years or what have you done for tenants as part of landlord works? Changes to your properties often produce a need to change your taxation records and…
Identifying Your Property Investment Deductions Are you thinking about “after-tax income and returns” and making the depreciation and capital allowances deductions on the plant and improvements part of your considerations? Under the current Income Tax Assessment Act, both depreciation on plant (Division 40) and capital allowances deductions (Division 43) are claimable against assessable income. Plant…
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