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  • Self-assessment

    The R&D tax incentive operates on a self assessment basis: that is, if you are an R&D entity, you should assess for yourself whether or not the R&D activities you are conducting - and the amounts that you wish to claim - are eligible for the R&D tax incentive. This includes ensuring that you have firstly registered your R&D activities with the Department of Industry, Innovation and Science.

    You must show all your assessable income and claim only R&D tax offsets to which you are entitled on your annual income tax return. The essence of self-assessment is that the details put on your tax return are usually accepted without query prior to an assessment issuing. However, even though we may initially accept the claims in your tax return, we can later ask you to provide the records and information you used to complete your tax return.

    You are responsible for proving the claims you have made in your company tax return and R&D tax incentive schedule. Your company records will be crucial in substantiating your claims. When you sign your tax return you are taking responsibility for the claims you are making. We assume that you have completed your tax return in good faith. If you are aware that your return is incorrect, you must contact us as soon as possible to correct the error.

    For information about eligibility of R&D activities and registration for the R&D tax incentive, refer to the Department of Industry, Innovation and Science websiteExternal Link.

    Last modified: 26 Jun 2017QC 24600