The Australian Taxation Office (ATO) has published updated guidance regarding the rate of the Research and Development (R&D) tax offset and whether it is refundable under the R&D tax incentive. In general, if an entity's aggregated turnover is less than AUD 20 million and it is not controlled by an exempt entity, a 43.5% refundable tax offset may be claimed. Where the conditions for the refundable tax offset are not met, a 38.5% non-refundable tax offset may be claimed. However, if a…