Krish Patel

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The New R&D

The New R&D
 
The Federal Government has announced crossbench support for the new R&D Tax Credit Program. The new R&D Tax Credit Program will replace the R&D Tax Concession effective from 1 July 2011 and provides eligible companies with a tax offset for expenditure on eligible R&D activities.

Export grants: $200,000 per year

The Export Market Development Grants (EMDG) scheme aims to bring benefits to Australia by encouraging the development and expansion of foreign markets for Australian goods, services, intellectual property and know-how. Specifically, the EMDG scheme encourages small and medium sized Australian businesses to develop overseas & export markets. The scheme is administered by Austrade and supports a wide range of industry sectors, products and the export of intellectual property and know-how outside of Australia.
Australian Financial Review: Fielding gets last word on R&D – Page 18

You may have seen Krish Patel of Moore Stephens quoted in today’s AFR regarding the status of the Federal Government’s proposed R&D Tax Bill. The Bill’s fate currently rests with Family First Senator Steven Fielding. 
With the passing of the tenth anniversary of the introduction of GST in Australia and a notable increase in Australian Taxation Office’s (ATO) GST audit activity, we recommend that not-for-profit (NFP) organisations review their GST systems with a view to confirming the correct GST treatment of gifts, donations and grants received.
The R&D tax concession is an initiative to increase the amount of research and development (R&D) undertaken in Australia. The aim is to encourage innovative, competitive and export-oriented Australian industries.

Microbreweries reflect this aim as many undertake high levels of technical risks with alternative approaches to brewing experimentation and adaptability. For example, utilizing a new hop variety or formulating recipes for you next new seasonal release.