Statutory Deadline for FY23 R&D Claims Fast Approaching
Businesses that engaged in eligible Research and Development (R&D) activities during the financial year ending 30th June, 2023 are reminded to register their activities by 30th April, 2024.
Understanding R&D FY23 Claims
R&D FY23 claims directly relate to the R&D Tax Incentive (RDTI). It serves as the registration application for companies to claim the RDTI for eligible R&D activities conducted during the financial year ending on 30th June, 2023. By completing and submitting the R&D23 form by the deadline, businesses can qualify for the R&D tax incentive and receive tax offsets or refunds to support their innovation and R&D efforts.
Here are three things to consider before lodging your 2023 R&D claim:
- Eligible R&D acitivites
Generally eligible R&D activities involve systematic, investigative processes aimed at generating new knowledge, products, processes or services or improving existing ones. It is important to check your R&D activities meet the specific criteria set by the Australian government.
- Qualifying expenditures for the R&D incentive
It’s important to clearly outline the eligible R&D activities for which costs are being claimed. Understanding and considering the types of costs eligible under the RDTI is essential to ensure accurate and compliant claims.
- Extensions of time
Extensions of time require careful consideration and timely action. Please note that the blanket extensions granted during COVID-19 are no longer applicable for FY23 claims. While extensions of time may still be available in certain cases, recent changes impose limits on their duration.
If you need to pursue an extension, we can assist you through the process and provide guidance on the best approach to ensure compliance and maximise your chances of approval.
For additional updates and alerts regarding R&D tax, read, Updated ATO Alerts on R&D Tax and Enhanced Transparency for Research & Development Claims.
If you are uncertain about your R&D FY23 requirements or have any questions, speak with your Simmons Livingstone advisor at 1800 618 800 or via email at admin@simmonslivingstone.com.au
