The Commonwealth Bank of Australia (CBA) has reached an agreement with ATO (the Australian Taxation Office) to settle a dispute over the eligibility of its research and development tax claims. The issue stems from tax claims from FY2012-13 relating to the bank's upgrade of its core systems, a six-year project that occupied 1,500 employees and the migration of 12 million customers. The matter has now been resolved for an undisclosed amount and CBA has withdrawn all Administrative Appeals Tribunal proceedings with the the Australian Taxation Office, as well as Innovation and Science Australia.
The Commonwealth Bank of Australia (CBA) has reached an agreement with the Australian Taxation Office (ATO) to settle a dispute over the eligibility of its research and development tax claims. The issue stems from tax claims from FY2012-13 relating to the bank's upgrade of its core systems, a six-year project that occupied 1,500 employees and the migration of 12 million customers. The matter has now been resolved for an undisclosed amount and CBA has withdrawn all Administrative Appeals Tribunal proceedings with the ATO, as well as Innovation and Science Australia.