R&D Tax Considerations As 30th June Looms
The end of the financial year is almost upon us.
While the rush towards the 30th April R&D Tax Incentive deadline has passed and for those clients with a 30th June year end there are 10 months to get the R&D claims in order before the next registration deadline, there are a few things that need to be considered prior to the end of the financial year.
This includes the following:
- Payment of R&D expenditure to Associates. If your company intends to submit a 2017 R&D claim, any R&D expenditure to associate entities must be paid prior to the end of the financial year.
- R&D Activities carried out overseas. Companies intending to claim overseas R&D activities as part of their 2017 R&D Tax claim must apply to Innovation Australia for an overseas finding prior to 30th June 2017.
- Increased compliance activity. With the 30th April lodgement deadline behind them, AusIndustry have started compliance activity for the FY2016 applications. As always, this gives us a reminder of the documentation requirement for substantiating R&D claims. Remember that it is a requirement of the R&D Tax Incentive that claimants maintain contemporaneous records of their activities.
If you have any questions about the R&D Tax Incentive or other government grants you might be eligible for, feel free to contact us.