Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2024 (companies that have a Standard YE for tax) who are yet to do so should note that the Registration Deadline is 10 Months after YE, and 30 APRIL 2025. The blanket and automatic extensions granted during COVID do NOT apply any longer or for FY24 claims. Extensions of time may be available in certain situations, and extension applications lodged BEFORE the original deadline are viewed much more favorably. However recent changes […]
A recent Decision dated 30 January 2025, Body by Michael Pty Ltd and Industry Innovation and Science Australia (Taxation and business), has found a company’s registered activities were not eligible under the R&D Tax Incentive. This is the first matter handed down by the new Administrative Review Tribunal of Australia (with previous cases at this level of court handled by the old Administrative Appeals Tribunal). The project under review in the case was entitled “BBM stress release system (new innovated services).”, and specifically […]
In the May 2024 federal budget, The Albanese Government announced a strategic examination and review of Australia’s R&D system to align it with national priorities and improve outcomes. In late 2024, Industry Minister Ed Husic then announced specific details to launch the review. It was noted that the review will assess how to maximise the value of R&D investments, strengthen industry linkages, and support national priorities, and that the review will examine existing systems, such as the Research and Development Tax Incentive […]
The deadline for FY24 R&D Claims (for the YE 30 June 2024) is fast approaching. In an update published in late January, AusIndustry have confirmed that leaving lodgement until close to the deadline will understandably lead to longer processing times for R&D Registrations. The update notes: We recommended lodging your application for the 2023-24 financial year now, instead of waiting until the end of April. The time of year you submit your application can impact the time it takes for […]