New R&D Checklist
– Claiming the R&D tax offset?
At a glance:
– The Tax Office has released a new Research and Development (R&D) tax incentive checklist to assist corporate taxpayers claiming the R&D tax offset.
– Use the new R&D checklist when claiming the R&D tax offset.
– Contact us if you require any clarification or advice.
The R&D program is jointly administered by the Tax Office and AusIndustry whose aim is to encourage companies to engage in R&D activities by offering R&D tax incentives to eligible entities.
The new R&D tax incentive checklist provided by the Tax Office will assist claimants to access the R&D program and minimise application errors.
The checklist has been designed to assist claimants in:
- Self-assessing their eligibility;
- Record-keeping requirements;
- Correcting mistakes; and
- Recognising the red flags of promoters of aggressive R&D arrangements.
Claimants should also consider other documents provided by the Tax Office, which include:
- Overview of the R&D Tax Incentive;
- Customer Information Guide; and
- R&D Tax Incentive Guide to Interpretation.
For more information, click here.
– Not all activities may be classified as R&D activities.