R&D Update: 2020-21 Application Deadline
Please see some important timeline updates from RADBE about the R&D Tax Incentive over the coming months.
2020-21 R&D Closing Soon
There are only 3 months remaining to finalise your R&D application for the 2020-21 financial year. R&D Tax Incentive claims for the 2020-21 financial year close in April 2022, please contact us or your RADBE Consultant if you are interested in pursuing a claim.
New AusIndustry Requirement – Portal Access
The Australian Government now require all R&D Tax Incentive applications to be made through the designated AusIndustry portal. Detailed instructions can be found here. If you are not an established myGovID user for your business, this process may be lengthy and may impact our ability to submit an application by the deadline if not addressed soon.
Conducting R&D activities offshore?
An Overseas Finding is required where an eligible R&D activity is unable to be conducted in Australia and is subsequently undertaken overseas (excluding purchase of raw materials, off-the-shelf products, etc.). It is necessary to lodge an Overseas Finding prior to the end of the claim period (i.e. 30 June 2022) and typically occurs when facilities, equipment, environmental or biological features are not available in Australia. If you think that this may apply to you, please contact us for more information.
Doing R&D under a New Zealand company?
RADBE is now processing claims under New Zealand’s recently implemented R&D scheme, with pre-registration for 2021-22 due by May 7, 2022.
If you would like more information regarding any of the above, please contact us.