AusIndustry is currently working closely with R&D Tax Incentive industry representatives – including KPMG – and other program participants to develop a series of targeted guidance products that will assist companies across a range of industry sectors looking to access the R&D Tax Incentive program. These guidance products – or sectoral guides - will feature case studies of companies with varying business requirements. Sectoral guides for the ICT, Agrifood and Biotechnology sectors have already been released, and AusIndustry is currently developing guides for the Built Environs, Energy and Manufacturing sectors.
This and other guidance material will help companies applying for the benefit to be well informed about what can and cannot be claimed. Being well informed when making R&D Tax Incentive claims is more important than ever, particularly given the requirement to be able to substantiate all aspects of claims. Companies intending to claim the R&D Tax Incentive must keep adequate records to demonstrate to AusIndustry and to the ATO that they carried out the eligible R&D activities and incurred eligible R&D expenditure in relation to those activities.