R&D Tax: Advance Findings Pilot for Software Claimants
AusIndustry has just announced consultations for an upcoming Research and Development Tax Incentive (‘R&DTI’) Advance Findings Pilot for eligible software companies. The consultation and pilot are intended to identify opportunities to improve the experience of these companies in the R&DTI program.
What is an Advance Finding?
An Advance Finding is a conclusive decision made by Innovation Australia regarding a company's eligibility for the R&DTI based on an analysis of their activities. Advance Findings provide companies assurance around the eligibility of their R&D projects for up to 3 income years.
The process can provide a level of certainty around R&DTI eligibility and related costs that the ordinary application and lodgement process generally does not. This certainty can help companies better plan their R&D, acquire funds, obtain finance, and recruit and retain talent in a competitive market.
The findings must be applied for in ‘advance’ - before the end of the income year in which a company conducts, or plans to conduct, the R&D activity.
Summary of the pilot program
Software and tech companies are invited to attend a small group consultation session with an R&DTI software expert. The consultation sessions aim to clarify the types of R&D activities that are eligible under the R&DTI program and are a forum for attendees to learn about Advance Findings within the software space. This includes the benefits they provide and how businesses can participate in the Advance Findings Pilot.
Summary of the key dates
10 March: Registrations close for small group consultation sessions
6-17 March: Small group consultations will commence
March-26 April: Participants are required to lodge advance finding applications
May-June: Applications will be assessed and decisions released
If you would like to participate in one of the upcoming group consultation sessions, please contact rdti.engagement@industry.gov.au before 5:00 pm AEDT on March 10th, 2023.