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FY21 R&D Tax Incentive In Review

FY21 R&D Tax Incentive In Review

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.

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