With the end of the financial year fast approaching, there are some housekeeping matters that your company may need to consider and address in relation to two popular programs; the R&D Tax Incentive and Export Market Development Grant.
R&D Tax Incentive – Associate Payments
If your company has incurred eligible R&D expenditure in relation to an associate, the amount also needs to have been paid in the relevant R&D claim year.
An `associate’ can include shareholders of the company, and other related entities and companies (such as trusts). Therefore, companies who are seeking to include an amount incurred to an associate as part of their R&D claim for the current tax year must ensure these amounts are paid prior to 30 June 2020.
Export Market Development Grant
EMDG applications will open on 1st July 2020. For those companies wishing to apply, now is the time to ensure your accounts are up to date. This includes reimbursing any personal credit cards from your company account for any relevant expenses before 30 June 2020 and ensuring that relevant evidence, such as travel diaries, is up to date.