The Commissioner must publish the following information: the R&D entity’s name; the R&D entity’s Australian Business Number, or Australian Company Number if that is the only number available; and an amount representing the R&D entity’s notional deductions claimed taking into account any feedstock adjustments for the year. As noted in paragraph 2.16, an R&D entity’s feedstock adjustment (if it has one) is the lesser of the entity’s feedstock revenue or associated feedstock expenditure and is deducted from the entity’s notional deductions. Exposure Draft, Schedule 3, item 1, subsections 3G(3) and (4) of the TAA 1953] The criteria for the publication and the information published are based on concepts defined in the ITAA 1997. [Exposure Draft, Schedule 3, item 1, subsection 3G(8) of the TAA 1953] Source of information The publication requirement will not apply in relation to R&D entities that do not lodge income tax returns. In the case of consolidated groups and multiple entry consolidated groups, the information published will be that reported by the head company in its income tax return. In determining whether the Commissioner is required to publish information about a specific R&D entity, the Commissioner can only have regard to the information that the entity has reported to the Commissioner in its relevant income tax return. Similarly, the Commissioner may only publish amounts that the R&D entity reports in its tax returns, subject only to simple calculations. The Commissioner is not permitted to substitute his or her own assessment of an R&D entity’s information for the purposes of determining the figures to be published. However, the Commissioner may verify an R&D entity’s identity before publication to ensure that the correct entity is identified. Time of publication The amendments do not prescribe a period within the Commissioner must publish the information, allowing a flexible approach that accommodates organisational capabilities and priorities. It is envisaged that the Commissioner will publish one annual report encompassing all relevant R&D entities. This would likely be released several months after the date for the lodgement of the final company income tax returns for an income year. The Commissioner may
The Commissioner must publish the following information: the R&D entity’s name; the R&D entity’s Australian Business Number, or Australian Company Number if that is the only number available; and an amount representing the R&D entity’s notional deductions claimed taking into account any feedstock adjustments for the year. As noted in paragraph 2.16, an R&D entity’s feedstock adjustment (if it has one) is the lesser of the entity’s feedstock revenue or associated feedstock expenditure and is deducted from the entity’s notional deductions. Exposure Draft, Schedule 3, item 1, subsections 3G(3) and (4) of the TAA 1953] The criteria for the publication and the information published are based on concepts defined in the ITAA 1997. [Exposure Draft, Schedule 3, item 1, subsection 3G(8) of the TAA 1953] Source of information The publication requirement will not apply in relation to R&D entities that do not lodge income tax returns. In the case of consolidated groups and multiple entry consolidated groups, the information published will be that reported by the head company in its income tax return. In determining whether the Commissioner is required to publish information about a specific R&D entity, the Commissioner can only have regard to the information that the entity has reported to the Commissioner in its relevant income tax return. Similarly, the Commissioner may only publish amounts that the R&D entity reports in its tax returns, subject only to simple calculations. The Commissioner is not permitted to substitute his or her own assessment of an R&D entity’s information for the purposes of determining the figures to be published. However, the Commissioner may verify an R&D entity’s identity before publication to ensure that the correct entity is identified. Time of publication The amendments do not prescribe a period within the Commissioner must publish the information, allowing a flexible approach that accommodates organisational capabilities and priorities. It is envisaged that the Commissioner will publish one annual report encompassing all relevant R&D entities. This would likely be released several months after the date for the lodgement of the final company income tax returns for an income year. The Commissioner may
c2018-t289033-RnD-draft-explanatory-materials.docx