The R&D tax incentive program is the Government’s largest program designed to support business innovation. It has been reviewed multiple times, with each review concluding it provides significant benefits to the Australian economy, far beyond the cost.
AusIndustry has a robust review process to safeguard the program. If you have claimed or intend to, the more you know of the process the less likely you are to be stung.
AusIndustry and the ATO are increasing review activity, particularly for large value claims and those within the agriculture, software and construction industries. If your R&D is in these areas, then review activity is more likely.
Prime Accounting & Business Advisory have prepared a guide to the stages of review, and what you can expect in each of these stages.
