By Dynamic Business
The deadline for registering for the Research and Development Tax Incentive, which offsets some of the costs of eligible R&D activities, is Monday, 1 May, the Department of Industry, Innovation and Science has reminded businesses.
“The deadline to apply for registration is 10 months after the end of a company’s income year,” the Department explained in an information bulletin. “Companies with a standard income period of 1 July 2015 to 30 June 2016 must lodge their registrations with AusIndustry by Monday 1 May 2017 (as 30 April is not a business day).”
The Department noted that eligibility under the R&D Tax Incentive is based on R&D activities, not projects, registered with AusIndustry. Further, registered activities must be self-assessed against the eligibility criteria and eligibility must be supported by documentation should registration be selected for a compliance review.
The Department suggested companies may wish to review online examples of eligible activities before lodging their applications for registration.
Companies that are not able to lodge their applications before the deadline have been advised they may contact AusIndustry and request an extension. If a request is received before the deadline, Innovation and Science Australia (the Board) will provide a further period of 14 days to register. Circumstances in which the Board may allow an extension of the application deadline are described in section 27D of the Industry Research and Development Act 1986(Act) and the Industry Research and Development Decision-making Principles 2011(Principles part 3).
Further information
Source: Dynamic Business
