Upcoming R&D tax deadline

A  reminder to Australian businesses with a 30 June year-end that the deadline for lodging your 2020-21 R&D Tax Incentive (RDTI) Application is fast-approaching. Companies are provided with 10 months after the end of the income year to register their eligible R&D activities with AusIndustry. As a result, the deadline for the year ending 30 June 2021 is 30 April 2022. 

This year, 30 April will fall on a Saturday. In previous years, this situation has resulted in the R&D lodgement deadline being extended to the next business day. AusIndustry has confirmed that the deadline will be extended to Tuesday 3 May 2022, taking into account the public holiday for several states on Monday 2 May.

The RDTI program provides valuable year-on-year support for businesses investing in R&D and innovation. Companies with less than $20mill turnover can access a 43.5% tax offset for eligible R&D costs, with a 38.5% tax offset available for all other entities.

This is an important reminder for companies that have not yet registered their 2020-21 R&D activities to make a start. The R&D Application Form has been substantially updated and requires additional information compared with prior years, which can increase the effort required to complete the registration process. Applications now also need to be lodged via a new, dedicated RDTI customer portal. 

Our team at Intellect Labs has been supporting our clients through the changes and completed numerous lodgements via the revised RDTI Application process. If you need transparent, hassle-free advice and assistance with your 2020-21 R&D Application, please contact us and we’ll be happy to help you out.