The current global challenges placed before us highlight the need and opportunity for technological advancement, both to overcome the medical and healthcare challenges facing us, as well as address, as one prime example, the new reality of and need for remote and distributed work, social and lifestyle capabilities. If ever there was a time for technology and business innovation, it is now.
R&D Tax Incentive
AusIndustry has advised that it has extended the deadline for lodging Applications for Registration of R&D activities for the 30 June 2019 income year (FY19) to 30 September 2020, without need to request an extension. You will still be required to provide your R&D Tax Incentive registration receipt number when you lodge your R&D Schedule with the Australian Taxation Office.
Given that the R&D Tax Incentive delivers cash flow benefit to claimants, we would urge, wherever possible, that our clients adhere to their current claim deadlines and even attempt to accelerate those to as soon as possible (i.e. complete an outstanding FY19 lodgements as soon as possible and prepare to lodge FY20 Applications as soon after 1 July 2020 as possible).
Export Market Development Grant (EMDG)
We continue to provide services in relation to closing off the 2019 Grant Year and will advise you of any changes regarding the 2020 Grant Year as soon as such details are made available. Meanwhile, the Austrade website provides useful tips and information for exporters here.
We continue to provide services in relation to finalising and lodging active Grant Applications with clients and will advise you of any evolving grant information as soon as such details are made available. It is our view that applications that deal with distributed technologies and medical technologies (pharmaceutical or equipment) that can be applied towards combating the COVID-19 threat would meet with favourable response.
There are also other state and federal grants being announced every day. If you have any questions on any of these and your eligibility, please reach out to us at firstname.lastname@example.org.
The coming months will no doubt be challenging for many. We are committed to working with
you to navigate through those challenges.
Please take care and reach out if we can be of assistance.
The team at Ignite Innovation
Want to find out if your business is eligible for a grant? Don't underestimate your eligibility, contact us to find out.