Are you compliance ready for the R&D tax incentive?
AusIndustry has a number of compliance requirements for applicants to the R&D tax incentive program. Businesses can face audits by AusIndustry up to four years after registration for a past income year. It is a requirement that registered businesses maintain adequate records to substantiate their applications and claims.
Good record keeping is essential for linking expenditures to R&D and also to demonstrate the undertaking of approved projects and activities.
SAS can assist you in:
- Advice on record keeping systems and their compliance with AusIndustry and ATO requirements
- Conducting a review or audit of your record keeping systems
- Articulating your Research and Development plan. Apart from assisting in AusIndustry compliance, a clear research plan will help inform your business strategy and provide greater appeal for further business funding
- Audits or reviews conducted by AusIndustry or the ATO
Contact us for a discussion about how we can help.