R&D Tax Incentive Lodgement Deadline – Have You Registered your 2021 R&D Activities?
R&D Tax Incentive - 09 Mar 2022
Companies are provided with 10 months after the end of the income year to register their eligible R&D activities with AusIndustry in order to obtain the benefit associated with the expenditure incurred on those activities. For income years ending 30 June 2021, there are less than two months left to submit your R&D Tax Incentive (R&DTI) Applications.
With the usual 30 April deadline falling on a Saturday and the next business day a public holiday in QLD and NT, the deadline has been extended to Tuesday 3 May, 2022.
We would also like to remind you that R&D Applications can only be submitted through the new R&DTI Customer Portal. As a result, there are a number of changes to the Application form, with additional information disclosures required to complete the registration process.
The R&D Tax Incentive (for income years ended 30 June 2021) provides either a 43.5% refundable R&D Tax offset or 38.5% non-refundable R&D Tax offset for eligible R&D expenditure. The offset rate is determined by the annual ‘aggregated turnover’ for a company during the 2021 year. To be eligible for the R&D Tax Incentive, you must be a company incorporated in Australia and have at least AUD $20,000 of eligible expenditure incurred on R&D activities during the income year. Your business can benefit from the program if your initiatives are considered eligible R&D activities and meet key legislative requirements.
If you need help identifying whether your R&D activities/expenditure are eligible for the R&D Tax Incentive or need assistance navigating the revised R&DTI Application process, please contact us now to find out how we can assist you right up to the lodgement deadline.
The information contained in this blog is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. In all cases, you should consult with a professional advisor familiar with your factual situation for advice concerning specific matters before making any decisions. By reading this blog, you confirm your understanding of this disclaimer.