The changes to the R&D tax incentive announced in the October 2020 budget have been passed as law, but do not become effective until 1 July 2021 (FY22).
Companies registering activity for the financial year about to end (FY21) will do so under the same legislation in place as in prior years.
However, some significant changes to the reporting of the activities have occurred for FY21, based on AusIndustry’s new reporting portal. The portal had been indicated some months ago as being mandatory for applicants registering activities for FY21.
All R&D tax incentive applications must be submitted to AusIndustry through the new portal from 5 July 2021 onwards.
Key changes in the new portal include:
More information is available on the AusIndustry website.