Important Reminder: R&D Tax Incentive Registration Deadline Approaching

For businesses actively engaging in research and development (R&D), you may be eligible for the R&D Tax Incentive. You can learn more about the program and your eligibility here.

Here’s what you need to know about the upcoming deadline:

  1. Key Date for Your Diary: If your company’s financial year ended on December 31, 2022, mark October 31, 2023, on your calendar. This is the deadline to register your eligible R&D activities to claim the R&D Tax Incentive through the Australian Taxation Office (ATO). Applications must be sent through the R&D Tax Incentive customer portal by 11.59 pm (AEST) on this date.
  2. Overseas Activities: For companies conducting R&D activities abroad, there’s an additional step. Before claiming a tax offset for overseas activities, you’ll first need to obtain an ‘Overseas Finding’. This process involves the Department of Industry, Science, and Resources evaluating if your overseas endeavours qualify under specific conditions. Once approved, you can proceed to register and claim the tax offset.
  3. Think You’ll Miss the Deadline? Here’s a Lifeline: While it’s best to adhere to the primary deadline, in case of unforeseen circumstances, you can request an extension through the R&D portal. But be proactive; apply for the extension before the original deadline. Your reasons, any previous extension requests, and additional relevant factors will influence whether an extension is granted.
  4. First Time Claiming or Confused?: If you’re navigating the R&D claim process for the first time or feeling uncertain about the application details, seek advice immediately. Reach out to us here at Quantum and someone in our team will be more than happy to assist. 

Always remember, the R&D Tax Incentive is not just a financial benefit; it’s a testament to a company’s commitment to innovation. Quantum Advisory is here to ensure you get the most out of this opportunity. Should you have any questions or need further clarification, don’t hesitate to reach out to us.

Partnering with Quantum Advisory allows you to focus on what you do best – running your business – while leaving the financial aspects in capable hands. Contact us today to supercharge your company, become more profitable and plan for the future.