The Australian Taxation Office (ATO) continues its commitment to tax transparency and encouraging voluntary compliance by beginning to publishing data on R&D Tax Incentive claim outcomes.
The first round of data to be released this coming September (2024) will relate to the 2021-22 year. This initiative stems from the R&D reforms brought into effect from 1 July 2021.
The publication will detail the R&D entity's name, ABN, and the amount of R&D expenditure claimed (less any feedstock adjustments). A transparency report will accompany this data, offering insights into the figures released.
Reach out to Grant Thornton's Innovation Incentives specialists for expert advice and support.
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