Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2020 (ie FY20 – last financial year) who are yet to do so should note that the Registration Deadline is 30 April 2021.
Last year, AusIndustry applied a blanket extension to all companies’ FY19 R&D Applications due to COVID. We are of the understanding that this blanket extension will NOT be available for FY20 applications, and the 30 April 2021 statutory deadline (10 months after the end of the financial year) is restored.
There are mechanisms available under the IR&D Act and IRD Decision making provisions that allow for extensions of time to be granted for R&D Applications. However, seeking an extension presents an additional administrative burden of going through the extensive application process. Where possible, companies should endeavor to submit FY20 R&D Applications prior to the 30 April 2021 deadline.
If an extension of time is required, and reasons for the extension can be substantiated, the prospects of successfully attaining an extension for an FY20 R&D Application are greater if the extension request is made prior to the 30 April 2021 deadline.