R&D applications are usually due within 10 months after year-end, however AusIndustry has granted an automatic extension until 30 September 2020 for FY19 applications.
This extension presents a unique opportunity for businesses to catch-up on a FY19 claim which may have been previously overlooked.
Based on the standard timeline, businesses with applications for the year ended 30 June 2019 (FY19), would normally have needed to lodge them by 30 April 2020. However, the COVID-19 pandemic saw AusIndustry offer an automatic extension to 30 September 2020 for FY19 applicants.
Not only is this extension an opportunity to catch-up on a FY19 claim, but it also allows businesses to prepare an R&D claim for both FY19 and FY20 at the same time.
We’ve noticed a few of our clients have overlooked FY19 claims solely because of the nominal value of R&D expenditure in that year alone. But, when we consider the FY19 and FY20 claims in tandem, the R&D exercise may now be worthwhile.
Accessing the R&D tax incentive can provide a cash refund for entities in a tax loss position, providing a cash flow boost during a difficult time.
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