Companies that undertook eligible research and development (R&D) in the 2013–14 claim year are reminded they have until 30 April 2015 to register for the R&D Tax Incentive.
AusIndustry says that almost 6,000 companies had already signed up by the end of January and a “large amount of registrations” are expected to be lodged in the period up the 30 April.
AusIndusrty also advised that the $100 million cap on claims, which passed the Parliament in February, is now in effect and will apply to claims in the 2014–15 claim year. Any claimable expenditure above this amount may be claimed at the company tax rate.
According to AusIndusrty, the change will impact 25 groups of companies.
For more information or to register for the R&D Tax Incentive, visit: www.business.gov.au