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The R&D Tax Incentive April 2021 Deadline

The R&D Tax Incentive April 2021 Deadline

The Research and Development (R&D) Tax Incentive registration deadline for those companies with a 30 June 2020 year end is fast approaching. The statutory deadline for lodging an application is 10 months after the end of the income year; for the year ended 30 June 2020 that means: 30 April 2021.

Under the current legislation, the R&D Tax Incentive 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 companys ‘aggregated turnover’ for the income 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 eligible R&D activities. 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 and are interested in learning more, please contact us now to find out how we can assist you to prepare and lodge FY20 R&D Tax Incentive applications up to the final deadline.

 

You can also check out our R&D Eligibility Quiz here to give you some insight into the required criteria.

 

Co-written by Jonathon Pullinger.

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.

Renee Levings
Renee Levings
Need assistance in preparing and lodging your R&D Tax Incentive claim?


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