Companies with an income year finishing June 30 last year have until April 30 to register their research and development activities for the 2022-23 financial year and be eligible for the Federal Government’s R&D Tax Incentive.
The incentive program aims to encourage investment in R&D to help companies grow and innovate by offering a tax offset for eligible activities.
Companies with an aggregated turnover of less than $20 million are eligible for a refundable R&D tax offset equal to their corporate tax rate plus an 18.5 per cent premium; while companies with an aggregated turnover of $20 million or more are eligible for a non-refundable R&D tax offset equal to their corporate tax rate plus an incremental premium based on R&D intensity.
Applications for registration must be submitted through the R&DTI customer portal.
Extensions of up to 92 days after the statutory deadline are available (ie by July 31, 2024 at the latest). Time extension requests must also be submitted through the R&DTI customer portal.
If you need help registering your activities check out this step-by-step video.
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