In recent months it was reported that the Australian Small Business and Family Enterprise Ombudsman had been conducting a review of the administration of the R&D Tax Incentive’s administration.
The report has now been completed and is available here.
Some key recommendations by the Ombudsman’s report include the following:
The commentary around the report from the Ombudsman also stated that:
Swanson Reed appreciates the work of the Ombudsman in seeking to make the R&D Tax Incentive more secure for small business, and we agree with some of the recommendations.
Swanson Reed also however supports the efforts of the ATO and AusIndustry to uphold 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 by these agencies.
Source: Australian Ombudsman