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AFR reports high profile ASX listed Software Company Subject to ATO Review of R&D Tax Offsets
October 18th, 2023
The AFR has reported in late September 2023, that officials from the Australian Taxation Office visited a high profile ASX listed software development company last month as part of inquiries about whether the group inappropriately claimed R&D Tax Offsets.
The article seems to suggest that the issue may relate to overclaiming of expenditure on R&D Activities conducted overseas (as opposed to whether the expenditure or activity meet the general R&D Tax Incentive criteria).
Under the R&D Tax Incentive, companies may apply to claim the cost of overseas activities where they meet a strict criteria, one of the requirements being that expenditure in Australia must exceed expenditure overseas. The AFR article reports that in this case:
- The company had claimed more than $70 million in R&D projects in early 2020.
- The company had claimed 55 per cent of that expenditure was in Australia, but it was closer to 9 per cent.
Companies claiming the R&D Tax Incentive should keep abreast of their requirements and the regulator guidance.
Please get in touch with our office if you would like to speak to someone about a potential claim, or check out our website for more information.
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News & Research
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There is one week to go until the deadline for FY23 R&D Registrations. Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2023 (companies that have a Standard YE for tax) who are yet to do […]
The matter concerns an individual charged by the Commonwealth DPP for attempting to unlawfully obtain a refund under the R&D Tax Incentive. Before being charged, the taxpayer was compulsorily examined by the ATO. The individual had applied to stay the […]
