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FY22 R&D Registrations Now Open
July 1st, 2022
Companies are now able to register R&D activities conducted during the year ended 30 June 2022 (FY22) with AusIndustry.
For the FY22 period, the application process is again administered through the new online customer portal which was introduced for the prior FY21 period.
There were substantial changes made to the R&D activity technical description requirements in FY21, however the AusIndustry activity disclosure requirements for FY22 appear not to have materially changed.
The big changes for FY22 R&D c laims relate to the processes for calculation of R&D tax offsets (disclosed in the ATO R&D schedule) in respect of the legislative amendments arising in the October 2020 budget.
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 by the ATO. Whilst there is some guidance within these instructions, it is anticipated and hoped that the ATO will shortly release detailed guidance on calculation of recoupment/clawback and intensity under the new legislative amendments.
For more information about the R&D Tax Incentive and for help with a claim preparation visit out website here.
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Daniel McGregor2022-08-11I 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. Highly recommended.
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News & Research
News & Research
News & ResearchThe matter concerns an individual charged by the Commonwealth DPP for attempting to unlawfully obtain a refund under the R&D Tax Incentive. Before being charged, the taxpayer was compulsorily examined by the ATO. The individual had applied to stay the […]
2023 Annual Report for IISA: Update on R&D Tax Legal matters and litigation
Industry Innovation and Science Australia (IISA) is the government department responsible for determining whether companies’ activities meet the legislative criteria eligible under the R&D Tax Incentive. The 2022-23 Annual Report for IISA was recently released, and a section of the […]
