Published Date: 17 Jun 2024
The ATO’s release of new R&D tax incentive taxpayer alerts in December 2023 (TA 2023/4 and TA 2023/5) signifies upcoming scrutiny on R&D claims. These alerts focus on ensuring that entities claiming R&D tax offsets are legally entitled in accordance with the legislation. Applying TA 2023/4 and TA 2023/5, the ATO may more closely examine the legal and commercial aspects surrounding control, financial risk, and ownership of R&D results. This should compel R&D entities and advisers to move beyond superficial assessments and delve into the rights and obligations of the entity conducting the R&D. It necessitates a thorough evaluation of legal and commercial relationships within multi-entity and multi-jurisdiction groups to ensure compliance and legitimacy in claiming R&D tax offsets.
More by Damian Smyth
R&D tax incentive amendments - Journal 01 Aug 2021
R&D tax update and issues for construction activities - Journal 01 Aug 2017
Research & development tax concessions in construction - Presentation 02 Mar 2017
Research & development tax concessions in construction - Paper 02 Mar 2017
Substantiating an experiment: The R&D tax conundrum - Journal 01 Mar 2013
Substantiating an experiment commercially - The R&D tax conundrum - Paper 05 Feb 2013
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Already a Subscriber? Login now
Details
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags