ATO guidance on the topic. Learn more here
To complete the form in LodgeiT, you should have a clear idea of your accounting expenditure that's eligible. The correct expenditure should be aligned with the expenditure on your Application to secure R&D submitted via the R&D Portal.
Once the R&D Item 21 is complete, you'll see your expenditure at Item D & the associated tax offset at Item U.
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Enter relevant values. If you've used the services of a specialist R&D application service provider, all these values should be made available to you. If not, be sure you understand the R&D system in detail. The ATO regularly claw back claims for R&D that are later proven to be ineligible. Optimally, always secure an advanced finding.
Note that the R&D accounting expenses are added back and form part of the reconciliation section. Accordingly, in this example there is a tax liability on the taxable income AFTER adding back the R&D rebate.
Typically, you should then record the net tax refund on the balance sheet and the R&D Rebate as a revenue item. This will be non-assessable.
