Upcoming R&D tax deadline

This is a reminder of an important, upcoming R&D Tax Incentive (RDTI) deadline for businesses with a 30 June 2023 year end.   

Eligible R&D activities undertaken in the 2023 financial year need to be registered with AusIndustry by no later than 11.59pm AEST Tuesday, 30 April 2024. Registration of R&D activities is the first, vital step to access R&D tax benefits via your annual tax return.  

The RDTI program provides valuable year-on-year support for businesses investing in R&D and innovation. The R&D tax offset entitlement is driven by a company’s aggregated turnover: 

• Companies with less than $20mill aggregated turnover are entitled to a refundable tax offset equal to the company’s corporate tax rate plus an 18.5% premium. 

• Companies with more than $20mill aggregated turnover are entitled to a non-refundable tax offset equal to the company’s corporate tax rate plus a premium of 8.5% or 16.5% depending on R&D Intensity. 

Whilst the tax benefits available are generous, the RDTI eligibility requirements can be challenging to navigate. Claimants need to ensure they correctly identify R&D activities and costs that can be claimed and compile the necessary evidence and supporting documentation.  

We provide comprehensive and transparent assistance with all aspects of the RDTI claim process. Our team will be happy to help you assess whether you meet all eligibility requirements.   

Please contact us if you’re keen to explore the RDTI program further.