Commonwealth Bank settles R&D matter

Company News

by Anna Napoli

The Commonwealth Bank (ASX:CBA) has settled a dispute with the Australian Taxation Office (ATO) relating to an agreement relating to Research and Development (R&D) tax claims.

The settlement covers claims made fro the 2012 and 2013 financial years.

Under the agreement terms, CBA has agreed to withdraw from all current proceedings with the ATO and Innovation and Science Australia (ISA) before the Administrative Appeals Tribunal (AAT) in respect of the eligibility of R&D claims that were made for the financial years 2012 and 2013 relating to CBA's core banking modernisation project that involved digital transformation and software development.

The agreement does not result in material impacts to CBA’s current or future year financial results.

CBA says it will continue to work collaboratively with the ATO and ISA in relation to future registration of eligible R&D activities.

Shares in the Commonwealth Bank (ASX:CBA) are trading 0.28 per cent lower to $72.11.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.