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R&D Tax: Deadline for FY14 and new Feedstock guidance

April 20th, 2015

Swanson Reed

30 April 2015 is the deadline to claim the R&D Tax Incentive for eligible activities conducted during the year ended 30 June 2014 (ie last financial year).

Any companies still seeking to lodge FY14 claims should take action ASAP to ensure their activities are adequately assessed and described within their registration applications.

This includes the need to provide detail of:

  • The specific Core experimental activities undertaken during FY14;
  • Observations and conclusions of the experimental activities;
  • Why knowledge gained from the experimental activities is new;
  • How any Supporting activities contribute to a corresponding Core activity;

Recently Released Guidance on Feedstock:

AusIndustry and the ATO have recently released joint guidance in relation to the calculation and disclosure of feedstock adjustments. The guidance clarifies that companies are able to “opt out” of claiming feedstock inputs if the benefit arising from claiming feedstock inputs as R&D expenditure is not commensurate with the compliance requirements for the corresponding feedstock adjustment.

If a company decides that claiming the R&D Tax Incentive for feedstock expenditure is not beneficial for a set of activities, they may opt-out by including an express statement in their R&D Tax Incentive registration application that the activities do not give rise to a requirement to perform a feedstock adjustment.

For further information including the specific wording of the recommended exclusion statement, please see the full AusIndustry and ATO joint guidance. <Learn More>

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Recent News

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TaxTrex – a cloud based software solution designed to help accountants and their clients become experts in the R&D Tax Incentive. TaxTrex is Australia’s first platform to bridge the gap between the R&D tax adviser, the tax agent, and their client.

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I have been using Swanson Reed for my clients for more than a decade.  Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients.
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Experienced responsive Team. They have been a great help to me and my company navigate the R&D tax claim process and have provided invaluable advice.
  
 
 
  
 
 
 
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Damian and the team at Swanson Reed have been extremely helpfully and professional during all of our consultations. Highly recommended.
  
 
 
  
 
 
 
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The Swanson Reed team have provided our company with exceptional professional advice and assistance for all of our R&D claims for many years - have always achieved great results with excellent value for their services.
  
 
 
  
 
 
 
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Damian Smyth and his team are very helpful, supportive and experts in their field of R&D Tax claims. I'm always happy with the work they do and been a customer of their for over 5 years.
  
 
 
  
 
 
 
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2022-05-31
 
 
  
 
The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end.  Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.
  
 
 
  
 
 
 
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