Detailed report just released by the Small Business Ombudsman recommending sweeping changes to R&D Tax Incentive administration.
This is a very promising and welcome development. I am hopeful that these recommendations will be fully adopted, instilling confidence back in the R&D Tax Incentive program as an effective and reliable incentive for business to access appropriately.
We are working closely with the regulators, the ombudsman and businesses to ensure that this objective is achieved.
Key themes:
where compliance examinations or audits are necessary, they should take place as close as possible to the first year of registration of a project
guidance material needs to be comprehensive, clearer and up-to-date and developed in consultation with small business
agency record keeping requirements be simplified and take into account commercial practicality for a small business
small business must be assisted to help identify and retain professional and responsible R&D consultants.
Link to: Summary
Link to: Full report