Last week, AusIndustry released version 5 of the R&D activities form.
The application now requires more information from the Applicant regarding the nature of core and supporting activities alongside additional administrative information.
Whilst the new requirements will require more time and input to complete, Swanson Reed views the changes as positive since Applicants must explicitly assert how their activities are eligible under the legislation.
Swanson Reed recommends that all applicants spend sufficient time addressing the requirements of the expanded application to ensure their activities are self-assessed appropriately.
‘Core’ and ‘Supporting’ Activities – Changes in Reporting
New Disclosures within the Application:
Revised sections within the Form:
The new form now provides more guidance on information required about registered core and supporting R&D activities.
i). a statement about the hypothesis; and
ii). brief details of the experiments/testing carried out, results and conclusion.
Other Administrative Changes
Apart from a more detailed account of the statutory requirements, other changes include:
As with all parts of the R&D tax claim process, substantiation of the new sections will be important.
Please contact your local Swanson Reed contact if you would like to learn more.