Companies planning registration of R&D activities in the FY22 period (for the YE 30 June 2022) should be mindful of the following before the upcoming end of the financial year:
Companies should also note that the major changes to the R&D Tax Incentive announced in the October 2020 budget are now in effect and at the conclusion of the financial year ended 30 June 2022, companies will begin reporting claims under the changes.
The ATO has published its Research and Development Tax Incentive Schedule 2022 (NAT 73794) with corresponding changes to the labels to reflect the legislative changes.
We understand the ATO will in future also publish further guidance covering the major R&D tax changes in FY22 including changes to uniform clawback and offset calculations.
Contact our office for more information or for help with your R&D Tax Incentive application.