The ATO has recently published its first annual R&D tax incentive transparency report for the 2021-22 financial year. The ATO plans to publish the R&D data annually. This report aims to provide transparency on the claims made by R&D entities, encouraging voluntary compliance and increasing public awareness of the benefits received by these entities.
Key Highlights of the Report:
- The report provides an overview of the R&D population, industry-specific data, and the ATO’s compliance approach. It includes data on the total R&D expenditure claimed by companies whose income year commenced on or after 1 July 2021.
- The report includes specific and limited data such as the name of the R&D entity, their Australian business number (ABN) or Australian company number (ACN), and the total R&D expenditure claimed. This data is based on the information provided in the company’s tax return, including any voluntary disclosures made during a review or audit.
- The report also provides an industry overview, highlighting the sectors that are most active in claiming the R&D tax incentive. This data helps to understand the distribution of R&D activities across different industries and the impact of the R&D tax incentive on various sectors.
You can also access the report here via this link – https://data.gov.au/data/dataset/research-and-development-tax-incentive
If you have any questions in relation to the report, please do not hesitate to contact your client manager to discuss.
Author: Quang Tat
*Correct as of 29 November 2024
*Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.
