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

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.