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.