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Statutory Deadline for R&D Applications for the YE 30 June 2022 Fast Approaching…
April 18th, 2023
Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2022 (companies that have a standard YE for tax) who are yet to do so should note that the standard Registration Deadline is 10 Months after YE, and 30 APRIL 2023.
The blanket and automatic extensions granted during COVID do NOT apply any longer or for FY22 claims.
Ausindustry has recently announced that, due to interaction of weekends and public holidays with the day of the standard Registration Deadline for the FY22 financial year (1 July 2021 to 30 June 2022), the deadline to submit a registration application is 11.59pm AEST on Tuesday 2 May 2023, which is the first business day following the weekend and a public holiday in some parts of Australia.
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, companies seeking to lodge FY22 claims who have not already done so should be taking urgent action now to ensure their submissions are on track.
The relevant details regarding extensions of time are avaliable in Part 3 of the Industry Research and Development Decision-making Principles 2022 and Swanson Reed have also produced a video on Time Limits for Lodgement and Extensions.
Please get in touch with our office if you require assistance.
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Daniel McGregor2022-08-11I have been using Swanson Reed for my clients for more than a decade. Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients. Highly recommended.
John2022-06-15Damian and the rest of the team at Swanson Reed have been supporting us for several years. We always appreciate their insights, expertise, and efforts.
Rueben Rajasingam2022-06-06Experienced responsive Team. They have been a great help to me and my company navigate the R&D tax claim process and have provided invaluable advice.
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Payam Toloo2022-06-02Damian Smyth and his team are very helpful, supportive and experts in their field of R&D Tax claims. I'm always happy with the work they do and been a customer of their for over 5 years.
Melissa Doddy2022-05-31The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end. Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.
Gary Watson2022-05-31We can highly recommend Swanson and Reed as an R & D accountant. We have worked with them for several years now as they make our R & D claim so easy and communicate quickly with both us and our accountant.
Rob van den Bergh2022-05-31Always professional.
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News & Research
News & Research30 April Statutory Deadline for FY23 R&D Claims – One Week to Go
There is one week to go until the deadline for FY23 R&D Registrations. Companies seeking to register R&D Activities conducted during the Year Ended 30 June 2023 (companies that have a Standard YE for tax) who are yet to do […]
The matter concerns an individual charged by the Commonwealth DPP for attempting to unlawfully obtain a refund under the R&D Tax Incentive. Before being charged, the taxpayer was compulsorily examined by the ATO. The individual had applied to stay the […]
