New Grants

The Research and Development (R&D) Tax Incentive registration deadline is just around the corner. Submissions will close on 30 April 2024 for applicants with R&D activities during the financial year that ended on for the year ended 30 June 2023.

Customers must use the R&D tax customer portal to lodge their claims.

Maximising R&D Tax Rebate

The R&DTI application is self-assessed. This means that your claims are based on the documents you present congruent to your R&D activities. It is very important that you understand the eligibility criteria of what constitutes as eligible R&D activity. To know more about this, you can instantly download our R&D tax incentive ebook to know what an eligible R&D activity looks like.

If you are a first-time applicant professional assistance can help you make a proper evaluation of the activities on which you can register your claims for as this rebate program is self-assessed.

ATO has released Tax Payer alerts and guidance on R&D tax application in the past year that should be reviewed and considered for all applicants.  See below.

R&D Tax Updates and Tips

The following issues have been addressed with new Tax Alerts,   TA 2023/4 and TA 2023/5:

  • R&D expenditure paid to associates
  • who the R&D has been conducted for
  • aggregated turnover $20m
  • overseas expenditure needing advanced findings
  • expenditure not at risk by R&D entity

More information about R&D Tax Alerts.

ATO Publishing Entity R&D Tax Claim Amounts

It is also important to keep in mind of the ATO requirement to publish tax claims from 2024. The information to be published from all R&D tax schedules lodged with the ATO include:

  • the name of the R&D entity
  • Australian business number (ABN) or Australian company number (ACN)
  • the entity’s total expenditure on R&D (known as total notional deductions claimed – label Z in Part A of the R&D tax incentive schedule) less any feedstock adjustments (label B in Part B of the R&D tax incentive schedule)

R&D Tax Record Keeping

Your R&D activity records are vital in determining your eligibility. When you keep records to show how your activities are eligible, it is expected that the following details should be present:

  • how you could not know or determine the outcome in advance
  • how your R&D activities follow a systematic progression of work from hypothesis through to experiment, observation, evaluation and logical conclusions
  • how the substantial purpose of conducting the activity was to generate new knowledge

Expert Assistance

We have over 16 years of experience preparing R&D tax incentive claims and can assist in making sure you receive your maximum rebate.

Working with us means you get the maximum grant with minimum risk and effort. Our expertise includes R&D Tax Incentive registration and tax schedules, Export Grants, Capital Expenditure and Infrastructure Grants.

Get in touch with us and let’s discuss this more in detail.

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