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AFR Publishes Statistics on Repayment of R&D Claims Found Ineligible
May 28th, 2019AFR has published data it has attained via freedom of information laws with respect to the repayment of R&D Claims found to be ineligible upon audit. These documents reportedly showed $500 million was reclaimed in R&D incentive compliance cases across three years; $200 million in FY18, $115 million in FY17 and $185 million in FY16.
These documents also reported that 0.6 of 12,123 incentive claims made by Australian organisations in FY16 were subject to a compliance review, whereas this significantly increased in FY18 whereby 2.1 per cent of the 13,156 claims made were subjected to scrutiny.
These statistics highlight that the incidence of compliance activity is increasing, and that companies should ensure that they take careful notice of guidance published by ATO and AusIndustry with respect to reporting and documentation requirements.
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Daniel McGregor2022-08-11I have been using Swanson Reed for my clients for more than a decade. Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients. Highly recommended.
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