When is a company an Australian resident for tax purposes?

A critical component for any person operating a business is understanding the laws regarding taxation.  While the general provisions for taxation, such as the company tax rate, are relatively well known, complexities can arise where companies are unsure whether or not they are based within Australia, and are therefore subject to Australian taxation laws.  In this article, we consider what it means to be resident in Australia under the Income Tax Assessment Act 1936 (Cth)(Tax Act). [Read more…]

What entities are eligible for the R&D Tax Incentive?

The Research and Development Tax Incentive (R&D Incentive) encourages companies to engage in research and development which benefits Australia by providing a tax offset calculated against eligible expenditure (Notional Deductions), where the expenditure relates to eligible research and development activities (R&D Activities).  The R&D Incentive is described in division 355 of the Income Tax Assessment Act 1997 (Cth) (ITAA97).  The R&D Incentive was introduced by the Tax Laws Amendment (Research and Development) Act 2011 (Cth) (which received Royal Assent on the 8 September 2011) which added division 355 to the Income Tax Assessment Act 1997 (Cth) (ITAA97).

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