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Statutory Deadline for FY24 R&D Claims is THIS month

Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2024 (companies that have a Standard YE for tax) who are yet to do so should note that the Registration Deadline is 10 Months after YE. This year the deadline is Wednesday the 30th of APRIL 2025.

Extensions of time may be available in certain situations, and extension applications lodged BEFORE the original deadline are viewed much more favorably. However recent changes place a limit on the duration of extensions available.

In our experience, extensions of time:

• Should only be pursued if absolutely necessary, and if suitable reasoning can be provided as to why the extension of time is required;
• Are better regarded by AusIndustry if lodged prior to the original lodgement deadline;

Extensions of time must be submitted by the new R&D Tax online portal, and noting that it can be time consuming to set up this portal (particularly if registering for the first time) companies seeking to lodge FY24 claims who have not already done so should be taking urgent action now to ensure their submissions are on track.

Please get in touch with our office if you require assistance, would like to speak to someone about a potential claim, or check out our website for more information.