There’s Still Time to Claim the R&D Tax Incentive
Could your business be eligible for the Research & Development (R&D) Tax Incentive?
The R&D Tax Incentive can be claimed by businesses for numerous activities. These include development of new or improved products, processes, systems, and technology across all industries from software development, agriculture, manufacturing and others. Activities related to quality or process improvements, waste reduction, product category expansion or similar, are also worth investigating.
When is the due date?
Although the due date for a R&D tax claim for the 2023 Financial Year was Tuesday, 30 April 2024, there is still time to claim this incentive using the 14-day extension offered to applicants. This gives you until 14 May 2024 to submit your Application for Registration of R&D Activities with AusIndustry. If you meet the requirements, we recommend setting aside time in your calendar next week to take advantage of this opportunity.
It is important to note, the Temporary Full Expensing of depreciating assets interacts favourably with this R&D Tax Incentive. Your business could potentially obtain an R&D tax offset for any new assets that were acquired, used in R&D activities, that were expensed by 30 June 2023.
Think your business may be eligible? Reach out to Intellect Labs on 1300 553 034 and see if you qualify, or call The Macro Group to discuss.
Date: 02/05/2024
The Macro Group Limited AFSL:485843 Tax Agent Number 24 76 5236.
The information in this article contains general information only. We have not taken into consideration any of your personal objectives, financial situation or needs. Before taking any action, you should consider whether the general advice contained in this communication is appropriate to you having regard to your circumstances and needs, and seek appropriate professional advice if you think you need it. We recommend that you consult a licensed or authorised financial adviser if you require financial advice that takes into account your personal circumstances.