R&D registration applications are due 10 months after the end of an income year. The statutory deadline for companies to register R&D activities for the year ended 30 June 2023 (i.e. FY23: last financial year) is 30 April 2024. The blanket and automatic extensions granted during COVID no longer apply for FY23 claims.
 

R&D registration applications must provide AusIndustry with details of the following:

• The experimental process of core R&D activities: hypothesis, experiments, evaluations and conclusions;
• Why the technical knowledge generated by a core activity is new;
• How the company determined that they could not have known the outcome in advance;
• How registered supporting R&D activities relate to a corresponding core activity;
• How a company has identified R&D activities within a project, rather than claiming an entire project.

If you are yet to complete your FY23 R&D application and require assistance to ensure the activities are appropriately assessed and registered please get in touch with us for assistance. We can refer you to a specialist R & D provider.

Need Help with your Business, Bookkeeping, Tax or SMSF requirements?

If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements.

Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.