AusIndustry have circulated a link to an update on their website in respect of a revised integrity management approach, which is detailed here.
This update has come following the release of an Australian Small Business and Family Enterprise Ombudsman (ASBFEO) report on the administration of the R&D Tax Incentive, which was critical of some aspects of the processes for compliance reviews.
Key highlights from AusIndustry’s update include the following:
The framework also rightly points out that Registration does not mean eligibility, and that in the event of a review, AusIndustry would seek to work with a company, through a fair, easily understood and transparent process.
Swanson Reed commends AusIndustry on the new guidance material. We also recognise the important role the department plays in upholding the integrity of the R&D Tax Incentive, and encourages all participants of the programme to review the R&D Tax Incentive guidance material published.