The Australian Taxation Office (ATO) has issued updated guidance on the eligibility conditions for R&D activities conducted by an R&D entity for an associated foreign corporation when looking to claim the R&D tax incentive. The R&D tax incentive provides qualifying smaller companies with aggregated turnover below AUD 20 million a refundable tax offset equal to their corporate tax rate plus an 18.5% premium. For larger companies, the incentive provides a non-refundable tax off…