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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