FY21 R&D Tax Incentive In Review
Company News, R&D Tax Incentive - 11 May 2022
FY21 was a successful lodgement year!
ABA Legal Group’s R&D team lodged multitudes of R&D Tax Incentive claims throughout the financial year and assisted clients to claim over $40 million of eligible R&D expenditure. This has provided approximately $17 million of tax offsets to our innovative clients across a wide range of industries.
These included:
- Biosciences
- Software
- Advanced Manufacturing
- Engineering
- Food & Beverage Processing
- Agtech
- Recycling & Renewables and many more!
With FY21 claims done and dusted, we will be turning our minds to assisting new and existing clients in preparing their FY22 R&D Tax Incentive claims. R&D Applications for FY22 can be submitted with AusIndustry as early as July 2022!
FY22 is the first year that the new R&D intensity measures will apply for non-refundable tax offset claimants. Other R&D Tax Incentive legislative changes will also come into effect (including changes to clawback and feedstock provisions).
Understanding your R&D eligibility and intensity early in the year, can afford you the opportunity to identify R&D activities and expenditure as they occur and our expert team is here to help you in this process.
To also see if you are eligible for the R&D tax incentive, take our R&D eligibility quiz here.
