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KNL - look at the bright side, page-47

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Riskon22

1,616 Posts.

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01/11/18

17:32

Post #: 36355937
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Originally posted by Trommel ↑

It might pay for you to familiarise yourself with information about the R&D refund scheme which is readily available on the net. It's actually up to the company to ensure claims meet the eligibility criteria and the correct amount claimed in the tax return. The ATO assumes the tax return has been completed in good faith. It will investigate claims if it deems necessary.

Some very helpful info with guides and examples can be found at the links below:

https://www.business.gov.au/assista...ources-library?anchor=fact-sheets#fact-sheets

https://www.ato.gov.au/Business/Res...Checklist-for-claiming-the-R-D-Tax-Incentive/

if the Department of Industry, Innovation and Science makes a finding on your registration or the ATO conducts a review on your R&D claim, and it is determined that all or part of your R&D activities are not eligible, then your tax return will be amended and penalties and interest charges may be applied.

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@unicrumba why I think management would be planning a CR as we speak, is that a company has 30 days to respond to an ATO query, plus a 14 day extension if their is valid reasoning as to why you can’t supply evidence (see links supplied by Trommel).

KNL announced the ATO query on 2 Oct... So we’re now effectively into overtime... I wouldn’t want to be around for the penalty shoot out!

Great research as usual Trommel.
Last edited by Riskon22: 01/11/18

KNL Price at posting: 15.5¢ Sentiment: None Disclosure: Not Held
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KNL - look at the bright side, page-47

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