The 2020 Young Tax Professionals Online Series is designed to foster and develop the future of the tax profession, presenting the most sort after topics for young professionals.
Featuring three 1.5-hour sessions designed to cover a broad range of topics and recent tax developments, this series will once again be delivered by highly reputed practitioners offering a unique opportunity to all delegates to explore the practical issues faced by tax practitioners.
We caught up with Aaron Ng from RSM ahead of his presentation, R&D Tax Incentive - Current update, as part of the Young Tax Professionals Online Series.
The presentation on Monday 12 October will provide a general overview of the R&D Tax Incentive and touch on R&D eligibility, R&D claim process, compliance programs, update on proposed legislation changes while providing practical examples.
So why should R&D be on your radar as a young tax professional? According to Aaron, an understanding of this area is important in avoiding claiming the R&D Tax Incentive wrongly, and winding up having to pay back the ATO.
“Over the last few years, there has been a lot of news regarding companies claiming the R&D Tax Incentive where they have been deemed to be ineligible by ATO and/or AusIndustry following a review of their R&D tax claims. The result is significant as the company is forced to pay back to the ATO, where they have received the refundable R&D tax offset,” he said.
“As a result, it is important to educate both tax professionals and clients of key eligibility issues and the need for contemporaneous documentation."
Aaron has been specialising in R&D tax for over 9 years including the previous R&D Tax Concession and R&D Tax Incentive.
"Prior to R&D tax, I worked at the ATO and my move to R&D Tax was based on a decision to try something different and specialise in a niche area of tax," he said.
He added that if it was one thing that the delegates could take away from his session it's that, “documentation is critical to support an R&D Claim."
The Young Tax Professionals Online Series will run through September to November. Don't miss these two upcoming sessions:
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Aaron Ng is a Senior Manager in RSM Australia’s R&D Tax Services division. Working across a range of industry sectors including manufacturing, technology and resources, Aaron has extensive experience in the R&D Tax Incentive. Aaron has experience dealing with all facets of the R&D claim process from preparing R&D claims to R&D reviews, statutory assessments and advanced and overseas findings.
When he isn't working in R&D, Aaron loves to spend time with his two young kids, aged 8 and 4. He also has a keen interest in martial arts.
The online series is kindly sponsored by Curtin University, Western Australia.