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New AusIndustry Reporting Requirements and Applicant Lodgement Portal
May 18th, 2021
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:
- Additional company identification details, including the requirement for a company to have a MyGovID account;
- Additional disclosures about R&D activities and expenditure, including:
- More specific queries around future core activities and the relationship between supporting and core activities;
- Disclosure of expenditure per activity;
- Disclosure about how a company researched the state of knowledge prior to an activity commencing to ensure that the outcome could not be determined in advance;
- Details of evidence kept to substantiate activities;
- Disclosure of whether supporting activities produce a good or service;
More information is available on the AusIndustry website.
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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 […]
