As part of the changes made to the research and development tax incentive (R&DTI) from 1 July 2021, we’re now required to publish information each year about R&D entities and the R&D expenditure they’ve claimed.
The first publication is for R&D entities that lodged a 2022 company tax return with a R&D tax offset, and whose income year began on or after 1 July 2021. We expect to publish this information in September 2024.
The R&DTI aims to boost competitiveness and improve productivity across the Australian economy. Therefore, the intent of publishing this information is to improve public accountability for R&D claimants and to encourage voluntary compliance.
What information we’ll publish
The information we’ll publish from the forms lodged with us will be the:
- name of the entity claiming the R&D tax incentive
- Australian business number (ABN) or Australian company number (ACN)
- entity’s total expenditure on R&D (known as total notional deductions claimed – label Z in Part A of the R&D tax incentive schedule) less any feedstock adjustments (label B in Part B of the R&D tax incentive schedule).
We’ll base this on what your client provided in their company tax return. Or, if your client amended their company tax return, their amended return. If the Commissioner amended the labels, we’re required to publish the total expenditure on R&D based on the company return lodged prior to the Commissioner-initiated amendment.
Information for those affected
We’ll soon be emailing tax agents who represent clients whose information will be published in 2024, to:
- let them know about the new requirement
- encourage them to review the R&D labels that will be published, and lodge an amendment to correct any information.
We’ll keep you informed in the coming months about our implementation of this new requirement.
Next year, we'll publish company research and development (R&D) expenditure. Find out what you will need to do.