The Research and Development tax incentive (R&D TI) program is the Australian Government's most significant lever for funding innovation and R&D. It plays a pivotal role in shaping the nation's economic future and bolstering Australia's global competitiveness. The program encourages companies of all sizes to undertake R&D activities they might not otherwise.
Our focus now and into 2024 is on ensuring the integrity of this valuable program. Working with our joint program administrators, the Department of Industry, Science and Resources (DISR), we'll be implementing activities aimed at increasing transparency and accountability. We'll also be educating companies and R&D consultants about risk areas and common mistakes.
Transparency reporting
Transparency is the cornerstone of good governance. In 2024 we'll begin publishing an annual transparency report. The report will openly share data on the R&D TI program, including the name of the entity, the ABN or ACN, and the total notional deductions.
We expect to publish the first report in September 2024.
Random joint reviews
Working with DISR we'll be doing random joint reviews of R&D TI claims. We'll assess the eligibility of R&D TI activities and expenditure. The data collected will provide vital information about the integrity of the program and help identify opportunities to better target education and guidance.
We'll write directly to those randomly selected to take part in these reviews.
Helping companies get things right
As we identify common errors, we'll share them with you to help you get it right. If you need further advice, you can contact us.
We'll be publishing further advice and guidance about the program. For more information, go ato.go.au/RDTI.