By way of background this is a forum hosted by AusIndustry and the ATO, and is attended by the 25 largest R&D Tax Advisors (representing 50% of all R&D claims made) with a view to discussing operational/administrative matters relating to the program. The Group meets 2-3 times per year, and this gives the program administrator’s an opportunity to share any updates, and gives the R&D Tax Advisors (on behalf of their clients) an opportunity to raise any issues with the administration of the program.
I attended the forum on behalf of Catalyst Solutions and the key points discussed were as follows:
- The ATO will no longer accept company tax returns incorporating R&D expenditure that has not already been registered by AusIndustry. This has always been the situation for refundable R&D claims, but will now be extended to non-refundable R&D claims.
- Company’s tax returns must be amended within 60 days following an adverse AusIndustry finding. Previously, this was not required where an AusIndustry internal review or AAT court case was pending. Get in touch if you would like to discuss further.
- Whilst having always been important, the creation and retention of records throughout the entire R&D process is becoming increasingly even more important in order to successfully navigate an R&D review/audit.
By Dave Corbin, Managing Director Catalyst Solutions Australia