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AusIndustry update confirms applications lodged well before deadline are subject to faster processing (take action now for FY24 deadline)

The deadline for FY24 R&D Claims (for the YE 30 June 2024) is fast approaching.

In an update published in late January, AusIndustry have confirmed that leaving lodgement until close to the deadline will understandably lead to longer processing times for R&D Registrations.

The update notes:

• We recommended lodging your application for the 2023-24 financial year now, instead of waiting until the end of April.
• The time of year you submit your application can impact the time it takes for us to register your activities. If you’d prefer a faster response time, we suggest submitting your application outside of the peak processing period of April – June.
• We receive thousands of applications in the lead up to the 30 April deadline. This results in longer processing times, which can impact your ability to lodge associated tax returns.

Swanson Reed completely supports these comments by AusIndustry.

As many company tax return due dates can sometimes be in May, we often observe companies that lodge on April 30 having to seek extensions to lodge tax returns (which may not be approved) or needing to lodge tax returns with no R&D Claim, and then follow up with tax return amendments when R&D Registrations issues, which may take many weeks after initial tax return deadline.

It is understandable that AusIndustry’s processing times increase for applications lodged near the April deadline.

Companies yet to lodge their FY24 R&D Applications should be taking action now to ensure the applications are lodged well before the deadline.

Please get in touch with our office if you require assistance, would like to speak to someone about a potential claim, or check out our website for more information.