The Australian Government has made new versions of 2 legislative instruments under the Act:
The previous versions of these instruments were due to automatically expire this year.
Aside from the key changes set out below, and a few minor changes to improve clarity and consistency, the instruments remain broadly the same.
The definition of ‘research field’ now means a field of research (FoR) classification mentioned in the Australian and New Zealand Standard Research Classification (ANZSRC) 2020, rather than ANZSRC 2008.
This change will be reflected in relevant forms.
Extensions of time are now typically limited to 92 days, rather than 3 months.
This means the period of extension is the same for everyone, regardless of the month in which the application for an extension of time is made.
Contact business.gov.au for more information about the R&D Tax Incentive