R&D Tax Incentive

Written by Saving Point Team

March 22, 2021

Deadline approaching

Clients with an income year-end of 30 June need to register their R&D activities with AusIndustry by 30 April. If your business has been developing new or improved products, processes or systems, there is a chance you may be eligible for a refundable tax offset of up to 43.5% concerning those activities. We still have some time available to discuss activities with clients and bring claims together before the deadline, but time is running out. Contact us to book a meeting with our team and discuss how we can assist with your claim.

 

A number of changes to the Tax Incentive were passed as part of the Federal Budget in October. While many of these do not take effect until 1 July 2021, one of the changes to have taken effect from 1 January limits AusIndustry’s ability to grant extensions when registering activities. Please be aware that we don’t expect to see an extension to the deadline as we did twelve months ago.

 

New portal

From 5 July 2021, a new R&D Tax Incentive portal will be launched, enabling companies to complete and lodge their applications to register eligible R&D activities. The portal will have a markedly different structure from the existing PDF forms that have been in place for many years. Expect to see significant changes to questions about core and supporting R&D activities when the form is rolled out as the questions align more closely with the underlying legislation.  As one of the participants in the portal’s testing process, Saving Point provided feedback and are now well placed to transition to the new process.  

 

Please let us know if you have any questions about the new process; we’re happy to talk you through it.

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