R&D Tax: Deadline for FY14 and new Feedstock guidance

April 20th, 2015

Swanson Reed

30 April 2015 is the deadline to claim the R&D Tax Incentive for eligible activities conducted during the year ended 30 June 2014 (ie last financial year).

Any companies still seeking to lodge FY14 claims should take action ASAP to ensure their activities are adequately assessed and described within their registration applications.

This includes the need to provide detail of:

  • The specific Core experimental activities undertaken during FY14;
  • Observations and conclusions of the experimental activities;
  • Why knowledge gained from the experimental activities is new;
  • How any Supporting activities contribute to a corresponding Core activity;

Recently Released Guidance on Feedstock:

AusIndustry and the ATO have recently released joint guidance in relation to the calculation and disclosure of feedstock adjustments. The guidance clarifies that companies are able to “opt out” of claiming feedstock inputs if the benefit arising from claiming feedstock inputs as R&D expenditure is not commensurate with the compliance requirements for the corresponding feedstock adjustment.

If a company decides that claiming the R&D Tax Incentive for feedstock expenditure is not beneficial for a set of activities, they may opt-out by including an express statement in their R&D Tax Incentive registration application that the activities do not give rise to a requirement to perform a feedstock adjustment.

For further information including the specific wording of the recommended exclusion statement, please see the full AusIndustry and ATO joint guidance. <Learn More>

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Recent News

Swanson Reed launches new R&D tax claim software
TaxTrax – a cloud based software solution designed to help accountants and their clients become experts in the R&D Tax Incentive. TaxTrax is Australia’s first platform to bridge the gap between the R&D tax adviser, the tax agent, and their client. <Learn More>

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