- Documentation proving that the activities, expenditures and time has been spent on the R&D claimed will be key to a satisfactory response.
- Heeding feedback and guidance provided to you throughout the Nifty review process will help you to mitigate the risk of an audit.
- The review/audit process of each regulator is different and can be triggered for any number of reasons, but as general rule R&D reviews happen retrospectively and claimants could expect a review from one of the regulators every 4-7 years. If the regulator chooses to review your claim and find areas where they require further information, then the process will generally start with a letter outlining questions to be answered, which may be followed by a meeting.
- The line of questioning is difficult to predict, as is the amount of time required to prepare responses. Over recent months, the regulators have scrutinised claims more closely to reduce fraud and to try and limit claims in certain industries. As such, although we will assist you to meet all current guidance, PwC cannot guarantee the outcome of an audit or review by the ATO or AusIndustry and we do not include audit assistance as part of the Nifty fee.
If you receive a review from AusIndustry or the ATO, then PwC support will provide generic guidance over the phone as to how best to approach the responses. If you require more detailed assistance or for PwC to prepare the response on your behalf, we can quote for that work at the time.