Navigating Transparency: Upcoming Publication of R&D Tax Incentive Claim Information

In accordance with changes to the R&D tax law in 2021, the ATO is set to publish detailed information on R&D tax incentive claims submitted by R&D entities. The initiative aims to enhance transparency, shed light on the benefits derived by companies, and encourage voluntary compliance with the R&D program.

What Information Will Be Published

The ATO will disclose key details, including the name of the R&D entity, Australian Business Number (ABN) or Australian Company Number (ACN), and the entity's total expenditure on R&D. This information will be available on data.gov.au, with additional analysis on the ATO's official website.

Publication Schedule

The inaugural report, covering the income year ending 30 June 2022, is scheduled for release in September 2024. Subsequent reports will follow on an annual basis.

Opportunity for Amendments

Recognising the possibility of errors, the ATO provides a window for entities to submit amendment requests in writing until 31 March 2024. This allows for corrections to be processed before the proposed publishing date in September 2024.

Ensuring Accuracy in Your Submission

To facilitate a smooth process, we recommend reviewing crucial details such as the AusIndustry IISA number, preliminary calculations on the R&D Schedule, reporting entity annual turnover, and the accuracy of the tax rate on the company tax return.

Confidentiality Assurance

While the ATO is committed to transparency, disclosures will adhere to the confidentiality provisions in the Taxation Administration Act 1953. The information provided will not extend beyond the published R&D expenditure information.

Should you have any questions or require assistance, our team is ready to provide guidance.