New R&D Checklist

Are you?
– 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.

You should:
– 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.

Remember:
– Not all activities may be classified as R&D activities.