Research and development tax incentive rates change
01-Aug-2016
The Federal Government has reduced the rates of the tax offset available under the research and development (R&D) tax incentive for the first $100 million of eligible expenditure by 1.5 percentage points. The higher (refundable) rate of the tax offset has been reduced from 45% to 43.5% and the lower (non-refundable) rate of the offset has been reduced from 40% to 38.5%. Here are some relevant points to note: Eligible entities with annual turnover of less than $20 million, and which are not controlled by an exempt entity or entities, may obtain a refundable tax offset equal to 43.5% o..
Pitcher Partners calls for tax reform focus in election
22-Apr-2016
Pitcher Partners has called on both government and opposition to prioritise tax reform ahead of the upcoming double dissolution election. “Pitcher Partners is calling on all political parties to make this election a tax reform election,” said John Brazzale, the managing partner at Pitcher Partners. According to Mr Brazzale, the stalling of the tax eeform white paper process has left Australia “operating in the dark”. “Our tax system needs to reflect a world that looks very different in 2016 than it did in 2006,” he said. “We have a revenue and spending imbalance at th..
The Tax Institute’s tips to maximise your end-of-financial-year return
16-Jan-2015
As the tax year draws to a close Australia’s leading professional tax association, The Tax Institute, has revealed how to maximise your tax return and avoid being targeted by the Australian Taxation Office (ATO) ‘hit list’. Work-related deductions are an excellent way to maximise your tax return, particularly for those who work from home and incur business expenses associated with running a home office. “If you’ve been spending money to make money, be savvy about claiming the right deductions and maximise your return come June 30,” said Thilini Wickramasuriya, Tax Counsel for..