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May 1 Registration Deadline for R&D Tax Incentive
April 26th, 2017The registration deadline for the R&D tax incentive is less than a week away. This year, registrations are due on Monday, 1 May 2017, as 30 April falls on a Sunday. Companies who cannot lodge their application before this date can contact AusIndustry to request an extension. If received before the deadline, the business may be granted an extension of 14 days.
The R&D Tax Incentive aims to boost competitiveness and improve productivity across the Australian economy. The tax credit can be claimed by both small and large businesses for eligible activities conducted during the 2015-16 financial year. However, the incentive is especially beneficial for start-ups as it allows them to reinvest in R&D or enter the next stage of commercialising their service or product. They can receive a cash refund of 45c in the dollar for R&D spending if they do not pay tax or have any turnover.
As this is money that has already been spent, it is worth applying for the credits. To be eligible, a company needs to provide evidence that:
- R&D spend went towards developing new knowledge
- There were technical uncertainties about the outcome of the research
- Experimental activities were conducting that included testing and modifications
Contact Swanson Reed to find out whether your business qualifies for the R&D tax credit or if you have any further questions.
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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.
John2022-06-15Damian and the rest of the team at Swanson Reed have been supporting us for several years. We always appreciate their insights, expertise, and efforts.
Rueben Rajasingam2022-06-06Experienced 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.
Enrique Esquivel2022-06-06Damian and the team at Swanson Reed have been extremely helpfully and professional during all of our consultations. Highly recommended.
Jess at Y&C2022-06-03
Anatole Kononewsky2022-06-02The 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.
Payam Toloo2022-06-02Damian 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.
Melissa Doddy2022-05-31The 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.
Gary Watson2022-05-31We can highly recommend Swanson and Reed as an R & D accountant. We have worked with them for several years now as they make our R & D claim so easy and communicate quickly with both us and our accountant.
Rob van den Bergh2022-05-31Always professional.
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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 […]
