Have overseas costs for your R&D project? Consider applying for a Certificate of Overseas Finding before 30 June 2019
With July 1st, the 2019 EMDG opening date quickly approaching, we implore applicants to get prepared and lodge EARLY.
The Glasshouse EMDG team are preparing audit responses for claims that were submitted in December 2018. That is a turnaround of over 6 months. The delay is due to Austrade receiving over 50% of applications by November 30, which is the deadline for self-lodgers and non-approved consultants. The remaining applications are then submitted from December to the end of February by Approved Consultants, such as Glasshouse. The vast majority are lodged in the final month of February. We ourselves lodged 40% of our applications in February, of which, 55% were lodged on the 28th of February. Many of these applications are still awaiting audit, with many likely to be held over until after the end of financial year.
In contrast, applications that were submitted in July, August and September and the beginning of October were reviewed before the end of November. Austrade receives very few applications during this time and their staff has greater capacity to audit and approve applications.
Many of our clients who have previously had to wait 6 months or more to receive their grant funding, have seen the light and are getting in early this year. Some are already starting to send through their documentation for early lodgement.
First step, give us a call! We can go through your business’ eligibility for the program, identify all eligible expenditure paid and walk you through the process of an EMDG application. The benefit of talking to us prior to the end of financial year is that we can advise on potentially prepaying costs to maximise your claim.
The program is heavily audited and requires documents such as invoices and bank statements to be provided to Austrade. Providing such documents, especially for a first-year applicant covering two financial years, can be quite intensive. The sooner you are aware of what you can claim, the easier it becomes to keep track of costs and collate the necessary documents contemporaneously.
Again, please get in contact with us as the first step in any EMDG application would be to ensure you’re eligible for the 2019 program.
The EMDG program runs on a ‘cash basis’, meaning if you have received an invoice and isn’t showing as paid on your business’s bank/credit card statement as at 30 June, you will have to wait another year to claim those costs.
We suggest, where possible, before 30 June that you:
Interested to know more about Glasshouse Advisory’s EMDG services? Contact us to discuss the best steps for your business this lodgement season.