Financial Year

The standard accounting period in Australia is 1 July to 30 June the following year, however R&DTI is not restricted by accounting periods.

Companies that have substituted accounting periods apply the rules against those periods and the corresponding tax returns (including transitional periods if changing from one financial year end to another). The application form descriptions and expenditure calculations must match that same period.

If you have a financial period that is not 12 months, attach the confirmation of the substituted accounting period to the application form when lodging, as this will help AusIndustry to identify that this is not an error in the completion of the application form.

If it’s your first year of operation, the form just requires you to declare the financial year (don’t put the start date as the company formation date, put the 1st July preceding it if you have a 30 June year-end).