August 22nd, 2023
The ATO has circulated a guidance update on August 17 2023 titled “Claiming the R&D tax incentive this tax time”. The ATO guidance update outlines key factors for claimants to consider, including:
- review of technical eligibility
- using the instructions for the 2023 schedule
- use of the ATO R&D calculator to help calculate your R&D tax incentive claim.
- direction around how offset rates are different depending on a company’s aggregated turnover and R&D intensity
- that R&D activities conducted overseas must be covered by an Overseas Finding
- that there are general anti-avoidance rules in Part IVA to cancel the R&D tax offsets obtained in connection with a scheme
- that a company must register each of their R&D activities with AusIndustry through the R&D Tax Incentive customer portal before a claim can be lodged with the ATO
Find out more about ATO guidance and materials.