The ATO is increasingly focusing on R&D tax incentive claims to rout out abuse of the scheme.
The Minister for Revenue and Financial Services has issued a media release referring to the recent successful prosecution of a tax agent who has been sentenced to 29 months' imprisonment for his involvement in a scheme relating to R&D tax incentive claims.
The ATO has already indicated that it will be increasing its focus on claims made under the R&D tax incentive and the Minister notes that the Serious Financial Crime Taskforce has also become involved in seeking to identify serious abuse of the R&D system.
Clients who are seeking to access R&D tax offsets not only need to ensure that the basic eligibility criteria are met but also that appropriate documentation is produced and kept on file to support claims that are made.
For more information about the types of records you need to keep, contact us on 02 9957 4033.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.