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Careteq - Receipt of ATO Position Paper

Careteq Limited (ASX: CTQ) (Careteq) advises that it has received an audit position paper (Position Paper) from the Australian Taxation Office (ATO). The Position Paper relates to Careteq's R&D tax incentive claims for the years ended 30 June 2021 and 30 June 2022.

The ATO has expressed the view in the Position Paper that Careteq has not provided evidence of adequate substantiation for the expenditure incurred for the R&D activities and has not demonstrated the nexus between the expenditure and the R&D activities for the purposes of Division 355 of the Income Tax Assessment Act 1997. Accordingly, the ATO has indicated that in its view Careteq was not entitled to refundable tax offsets totaling approximately $1.29 million across the two income years. The ATO has also indicated that Careteq is liable for an administrative penalty of approximately $0.32 million.

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