Original article by Tom McIlroy
The Australian Financial Review – Page: 9 : 12-Dec-19
Small Business & Family Enterprise Ombudsman Kate Carnell has recommended changes to the administration of R&D tax incentives following a review of the scheme. Amongst other things, she has proposed that the federal government cease requiring recipients to undergo retrospective audits, often some years after they received the tax incentive. Carnell notes that the Australian Taxation Office has frequently required small businesses to repay the full amount of the tax incentive after an audit, including harsh financial penalties.
AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AIRTASKER PTY LTD