According to The Australian Financial Review, companies must be more specific about the unique nature of research and development activity they are conducting and improve their records of time spent on R&D tasks to avoid being forced to repay what could amount to millions of dollars in tax incentives, according to new government guidelines to be released recently.
Minister for Industry, Science and Technology Karen Andrews said the new guidelines would provide Australian businesses with more confidence in claiming support for software activities. The move follows criticism from members of the growing tech start-up industry after the government reclaimed previously paid incentives, including from online jobs marketplace Airtasker.
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