Have overseas costs for your R&D project? Consider applying for a Certificate of Overseas Finding before 30 June 2019

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Overseas Costs for FY19 Claims 23 May 2019

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If you want to include these overseas costs as part of your FY19 R&D Tax Incentive claim, you will need to apply for a Certificate of Overseas Finding from the Industry Research and Development Board prior to the end of your financial year – that is, before 30 June 2019.

Activities undertaken overseas are generally not eligible for the R&D Tax Incentive unless a Certificate of Overseas Finding has been obtained. The application requires you to articulate why the activities had to be conducted overseas as compared to Australia, and you must meet one of four conditions:

  1. Conducting the activity requires access to a facility, expertise or equipment not available in Australia
  2. Conducting the activity in Australia would contravene a law relating to quarantine
  3. Conducting the activity requires access to a population (of living things) not available in Australia; or
  4. Conducting the activity requires access to a geographical or geological feature not available in Australia.

The other main conditions of this application include evidencing:

  • How the R&D activities have a significant scientific link to the core R&D Activities conducted in Australia
  • The total amount of overseas expenditure is less than the total Australian expenditure

Contact us today to ensure you do not miss out on the opportunity to include relevant overseas costs as part of your R&D Tax Incentive claim and get up to 43.5% (for SMEs) as a cash refund.

Contact our R&D tax experts for a free assessment and to find out how we may assist you with overseas costs.

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