The Guide to the R&D Tax Concession is designed to be a comprehensive source of information on the R&D Tax Concession in order to provide taxpayers with sufficient information to undertake self-assessment, and is produced jointly by the Australian Taxation Office and AusIndustry.
This update to Parts A, B and C incorporates the introduction of the 175% International Premium (with some concomitant modifications to the standard 175% Premium), and the replacement of the Industry Research and Development Board by Innovation Australia, by Tax Laws Amendment (2007 Measures No. 5) Act 2007.
The opportunity has also been taken to update other areas:
- some modifications to the R&D Offset and Incremental concession by Tax Laws Amendment (2007 Measures No. 2) Act 2007;
- further guidance in relation to the eligibility criteria for certification of overseas R&D activities (section 39ED of the Industry Research and Development Act 1986);
- update the definition of “project” to reflect the current standard;
- remove the word “petroleum” as per the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006; and
- update to reflect the latest version of the Frascati manual.
Guide to the R&D Tax Concession - Parts A, B and C:
Document Disclaimer: Please note that this Guide to the R&D Tax Concession aims to provide general guidance only. The intention of the Guide is to provide useful information that will assist taxpayers seeking to claim the concession. However, it is by no means exhaustive or in the nature of definitive legal or financial advice. The Guide cannot and does not purport to extend or supplement the operation of the legislation. Any examples provided in the Guide are for illustrative purposes only and are not an exhaustive statement of the application of the legislation to any particular fact situation.
It is up to you and your advisers to manage your financial and tax affairs, and to ensure the accuracy of any information that you provide concerning your claims. You are also responsible for keeping yourself informed of any changes to the law that may affect your rights and responsibilities in claiming a tax concession for research and development.