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ATO Forcing startups to repay old grants

December 20, 2018 Ciaran 0 Comments

The Australian Taxation Office recently announced it would be claiming money from a wide range of startups who received research and development grants over the past few years.

The decision by the ATO to retroactively deny a vast array of these grants has put enormous pressure on a number of small businesses, who now face the prospect of potentially returning millions of dollars in grant money.

Expert advisors who deal in the funding space for these R & D grants says the problem has arisen mainly out of manipulation by many major corporations, who have been utilising the scheme to claim for projects they would already be undertaking.

Again, this is a scenario where the major corporations do the wrong thing, Government reacts in a strong way, and small businesses are the ones who pay the price.

Read the full article here.