Random Review of R&D Tax Claims and Publication of Findings

In 2024, participants in the Research and Development Tax Incentive (R&D TI) should brace for heightened scrutiny, courtesy of new measures introduced by the Australian Taxation Office (ATO) and AusIndustry. Commencing September 2024, the ATO will unveil an annual transparency report, ushering in a significant stride toward the disclosure of key data related to the R&D TI program.

Participants in the Research and Development Tax Incentive (R&D TI) are in for increased scrutiny in the coming year, as the Australian Taxation Office (ATO) and AusIndustry roll out new measures to enhance transparency of the initiative.

Starting September 2024, the ATO will release an annual transparency report, a move towards sharing data on the R&D TI program. This report will divulge key information, including entity names, ABN or ACN details, and total notional deductions.

As an integral part of this report, the ATO, in collaboration with the Department of Industry, Science, and Resources, will embark on a strategic review of applications. This review will focus on 200 randomly selected claimants, aiming to identify common compliance issues and mistakes. The insights gleaned from this compliance activity will be incorporated into the annual transparency report.

In essence, the landscape of the R&D TI program is evolving, with a heightened focus on transparency and publication of claim details.

If you find yourself with any inquiries or concerns regarding the heightened compliance activity within the Research and Development Tax Incentive (R&D TI) program, we strongly recommend reaching out to your dedicated R&D Tax Consultant or trusted tax agent. Feel free to contact us at Fullstack —we’re here to assist you.

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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech & online companies.

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