ATO Release 2022 R&D Schedule Including Changes

June 2nd, 2022 Tax

R&D claims for the YE 30 June 2022 involve a number of changes from prior years, reflective of the legislative amendments arising in the October 2020 budget.

These amendments change the mechanisms for calculation and reporting of R&D tax offsets to the ATO, which also presents the need for corresponding changes in the company tax return.

In late May 2022, the ATO released its Research and Development Tax Incentive Schedule 2022 (NAT 73794) with corresponding changes to the labels within. Particular label changes include reporting for:

  • R&D recoupment amount;
  • Assessable balancing adjustments;
  • Total clawback;
  • Deductible balancing adjustments;
  • Nomination of company tax rate;
  • R&D entity total expenses nomination which feeds into R&D intensity calculations.

Instructions for the 2022 schedule were also released. Whilst there is some guidance within these instructions, it is hoped that the ATO will shortly release detailed guidance on calculation of recoupment/clawback and intensity under the new legislative amendments.

For further R&D updates visit our ATO guidance page or the ATO website.

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