AusIndustry releases new R&D tax incentive guidance material

29 November 2016

AusIndustry released new R&D Tax Incentive Guidance products last week on the www.business.gov.au website.

The guidance focuses on four specific industries: agriculture, building and construction, mining and software, and is designed to help companies and their tax advisors avoid what AusIndustry perceives as non-compliance with the R&D tax law.

There are four new Specific Issue Guidance products:

  • Agriculture -  Getting farming R&D Tax Incentive claims right
  • Building and Construction - Getting building and construction R&D Tax Incentive claims right
  • Mining - Getting mining R&D Tax Incentive claims right
  • Software Development - Getting software development R&D Tax Incentive claims rights.

Along with three ‘Applying the Law’ products:

  • Mining – 2016/01 Mining projects to extract minerals
  • Agriculture – 2016/02 No new knowledge – agriculture
  • Agriculture – 2016/03 ‘Whole of farm’ claim

View the new guidance release here.

What’s the takeaway?

The release of the guidance may reveal agriculture, building and construction, mining and software as sectors where AusIndustry has been active with compliance activity, and has seen a disproportionate number of claims that it doesn’t believe are eligible.

Regardless of industry, all businesses claiming the R&D tax incentive should ensure they have a thorough understanding of the often complex R&D tax incentive criteria. This includes the AusIndustry and ATO guidance, as well as the law itself.

If you would like further information on these new developments, please contact our R&D tax experts.