Don’t miss the upcoming R&D Tax Deadline for 30 June 2022 claims

Matt White, Director/Founder - RD Tax and Grants

With April being a short month and packed full of public holidays, those that have not yet lodged their FY2022 R&D Tax Incentive Applications need to move now to ensure they meet the 2^nd May 2023 Application deadline.

The Federal Governments R&D Tax Incentive Program is the principal program designed to incentivise Australian companies to develop new or improved products, processes or services in Australia.

Depending on your Companies turnover up to 43.5% refundable rebate may be available for salaries and wages, contract fees, overheads (such as rent, running cost etc) and direct costs associated with undertaking these activities.

Overseas activities and registration of multi-year programs can also be made to provide confidence around your companies R&D expenditure via Advanced Findings.

The R&D Tax Incentive is a broad-based program designed to assist companies operating across all industry sectors from software, agriculture, energy, agrifood, biotechnology, manufacturing, mining and resources to marine and defence and more.

The program is a self-assessed regime with various eligibility criteria that need to be met where records and documentation to evidence your companies R&D is fundamental to the program.

To better support applicants and to ensure a robust compliance regime, both AusIndustry and the Australian Taxation Office (ATO) have recently released new guidance material to assist all applicants as well as those operating in specific industry sectors.

Often understanding the eligibility and compliance requirements as they relate to your business activities in context to how they are being applied can be challenging. Engaging an R&D Tax Expert can be beneficial to help maximise your R&D claim as well as to help understand these requirements better.

RD Tax + Grants have over 15 years’ experience in R&D Tax Incentives and have assisted business of all sizes operating in most industries.

We can assist in:

• Identifying eligible activities and expenditure
• Assist you in preparing R&D claims
• Help you understand the compliance requirements.
• Identify and apply for other government grant funding

If you’d like assistance in meeting the 2^nd May deadline or you wish to discuss how your business can benefit from the R&D Tax Incentive. Please do not hesitate to contact us at office@rdtaxandgrants.com.au or via our website: www.rdtaxandgrants.com.au