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July 2021: R&DTI eBulletin articles

New R&DTI Customer Portal is now live


Ready, set, go! From today, our new R&D Tax Incentive customer portal is fully live and can accept your applications. The customer portal is the only way you can submit your application for registration, Overseas Finding and Advance Finding. You can even manage your extension of time to apply or variation applications through the new customer portal. 

The new customer portal includes a number of new benefits: 
  • Increased security through the use of MyGovID.
  • Ability to view the status of your application in real time. 
  • Indicators of approaching deadlines.
  • An updated application for registration form includes new or re-worded questions and help text to assist companies understand what information is required.
Read guidance and information on the customer portal and how to access it. Alternatively, register for our upcoming webinar to learn more. Our R&DTI team will give an overview of the customer portal and how to set up access for your staff, Tax Agent, or R&D Consultant. 

 
Register now for our free portal webinar

Changes to the R&DTI from 1 July 2021


The Australian Government announced enhanced reforms to the R&D Tax Incentive as a part of the 2020–21 Budget. These reforms apply from 1 July 2021. See the full list of enhanced reforms

The enhanced reforms include an increase to the R&D expenditure threshold from $100 million to $150 million per annum and changes to the R&DTI tax offset rates. For eligible R&D activities conducted from 1 July 2021, your tax offset rate will now be your corporate tax rate plus a premium. The premium you can claim will depend on your company’s aggregated turnover. 

If your aggregated turnover is less than $20 million, your refundable R&D tax offset will be your corporate tax rate plus an 18.5% premium. If your aggregated turnover is $20 million or more, your non-refundable R&D tax offset will be your corporate tax rate plus an incremental premium.
  • Premium increments are based your R&D Intensity. This is a percentage of your eligible R&D expenditure as proportion of your total expenditure for the year.
  • All eligible R&D expenditure up to 2% R&D Intensity will receive a non-refundable R&D tax offset equal to your corporate tax rate plus 8.5% premium.
  • Additional eligible R&D expenditure above 2% R&D Intensity will receive a non-refundable R&D tax offset equal to your corporate tax rate plus16.5% premium.
Details of the changes to the offset rates can be found on the business.gov.au website. 
 
Find out more on business.gov.au

Provide feedback on the ATO’s draft Taxation Ruling – R&D tax offsets at risk rule


The Australian Taxation Office have released a draft Ruling TR 2021/D3 to help companies understand whether their research and development (R&D) expenses satisfy the ‘at risk’ rule for claiming the R&D tax offset. Make sure you have your say on the draft Ruling by 23 July 2021.
 
Have your say

Advance and Overseas Finding assessments


In May 2018 the Australian Government announced a range of measures to streamline program administration to increase the reach, speed and impact of the R&D Tax Incentive program. This has included using external companies to assist us to assess some applications. 

From June 2021 onwards, Advance and Overseas Finding applications may be assessed by Proximity. Companies will not be disadvantaged by this process and all decision making will be retained by the department. Security and confidentiality of all processes and information relating to the application and the applicant is secure.
 

Portal help for tax agents and R&D consultants


Are you a tax agent or R&D consultant needing to access the R&DTI customer portal on your client's behalf? If so, two new YouTube videos are here to help. 

The videos provide a walkthrough of how to access the R&DTI customer portal from the perspective of tax agents and R&D consultants. They outline the steps both you and your clients need to complete in order for you to gain access to the portal and interact with it on their behalf.


Access help for tax agents
business.gov.au  |  13 28 46
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