AusIndustry and the ATO require claimants to demonstrate that their R&D activities and associated expenditures have been reliably determined through contemporaneous record keeping.
But what does this mean?
As a starting point, both bodies acknowledge that the “records kept by individual claimants will vary depending on the nature of their business”.
Contemporaneous means keeping records “as you go”.
To ensure that you are maintaining the necessary records to substantiate your claims, download our free guide.