If you are an eligible R&D entity and you want to claim the R&D tax incentive, you should consider the other requirements, including that you:
- must register your R&D activities every year
- can notionally deduct expenditure on R&D activities
- may need to adjust your tax return if
- your eligible activities have produced tangible products for supply to someone else, or to be applied to your own use – other than in transforming these products for supply (feedstock adjustment)
- you are registered for GST
- must claim your R&D tax offset by lodging a company tax return and R&D tax incentive schedule at the end of your income year
- must keep adequate records to demonstrate to AusIndustry and to us that you carried out the eligible R&D activities and that you did incur eligible R&D expenditure on those activities
- must consider any special transitional rules that apply to situations that extend over income years where the R&D tax concession provisions and the R&D tax incentive provisions apply.