Currently many companies are facing financial hardships associated with the COVID-19 virus. There are a range of both federal and state government packages to help businesses at this time.
The R&D Tax incentive is an important program, assisting companies who are undertaking R&D with much needed cash flow. Deadlines have been extended for both the FY19 claim and for Overseas Findings.
The deadline for lodging R&D activities for the financial year ended 30 June 2019 has been extended until 30 September 2020, however lodging with AusIndustry as soon as possible will help companies to obtain the offset/refund sooner.
It’s also a good time for companies to start preparing for their FY20 claim. We can start your FY20 claim now to enable prompt lodgement from 1 July 2020.
For companies looking to lodge an Overseas Finding Application for overseas R&D activities for this current year, AusIndustry have announced an extension for the full documentation, although a Provisional Application needs to be lodged by 30 June 2020.
For information about R&D Tax Incentive and how we can help your business, please contact Kate Mahady.