“We understand that many businesses are currently facing difficult economic circumstances given the recent bushfires and the impact of COVID-19. We are committed to working with program participants to support you in managing your R&D Tax Incentive claims.
Acknowledging the effects of COVID-19 on Australian businesses, we will accept applications for the 1 July 2018 – 30 June 2019 income year until 30 September 2020. You are not required to request an extension of time during this period.
If you are unable to lodge your application by 30 September 2020, you may request an extension of time in the usual way.
You will still be required to provide your R&D Tax Incentive registration receipt number when you lodge your R&D Schedule with the Australian Taxation Office.”
Treadstone is open for business as normal and will continue to assist businesses with R&D Tax Incentive applications.
We welcome this extended deadline as an opportunity to ensure that businesses effected by the COVID-19 (directly or indirectly) will have more to time to submit.
Applications for R&D Tax Incentive claims for FY20 will be open as per normal on the 1st July 2020. Treadstone encourages all business that want to maximise their cash flow to apply as early as possible. Preparations for registration can commence in June to be finalised in early July. Contact us if you wish to begin now.