Deadline looms to register for R&D Tax Incentive

Activities must be registered by end of October to claim tax incentive for FY ended December 31, 2022

Companies with a financial year ended December 31, 2022 have been reminded they need to register their eligible R&D by October 31, 2023.

Before you can claim the R&D Tax Incentive through the Australian Taxation Office, you must register your eligible R&D activities within 10 months of the end of your income year.

If your income year ended on December 31, 2022, you must submit your R&D Tax Incentive application through the customer portal by 11.59pm (AEST) on Tuesday, October 31, 2023.

If you cannot submit your application by the deadline, you’ll need to request an extension of time through the customer portal.

You can prepare for the deadline by checking your portal access to ensure you can lodge your application on time.

Additionally, to register and claim a tax offset for activities conducted overseas, you must first apply for an ‘Overseas Finding’, which involves the Department of Industry, Science and Resources assessing if they activities meet specific conditions that allow you to claim the R&D Tax Incentive for them.

Once you have an Overseas Finding, you can register and claim a tax offset for your overseas activities.

The Customer Portal Help and Support on business.gov.au makes the process of registering your R&D activities easy.