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R&D Tax 2012 Lodgement Deadline: Information for Companies

30 April 2013 is the lodgement deadline for companies wishing to claim eligible R&D tax 2012 year under the new R&D Tax Incentive.

Companies planning to submit 2012 claims should be compiling submissions NOW to ensure Applications are prepared to an adequate standard.

Below are some key issues companies and their tax agents should be mindful of for 2012 R&D claims under the new Incentive:

• The base rate of recoupment has increased to provide tax savings of $0.15 and $0.10 for companies with group turnover greater and less than $20M respectively;
• Companies in tax loss with turnover less than $20M are able to receive a cash refund of $0.45 of eligible expenditure;
• R&D expenditure Incurred by associated entities must now be paid within the claim year;
• The ATO’s preferred methodology for allocation of overhead expenditure to R&D has changed (uniform rate of R&D salaries/total salaries is no longer acceptable);
• Interest expenditure is no longer claimable;
• Companies must ensure they’re able to fully substantiate the occurrence and nature of their R&D activities.

Swanson Reed is a specialist firm that provides R&D tax claim services only.  On request from you, we can provide your business with:

• Free technical training on the technical areas of the R&D tax incentive (Hours may be attributable towards CPE);
• A high level review of claims prepared by a tax agent or company.

To help determine eligibility, we have developed an Eligibility Wizard which provides an overview of the main points to consider.