Key points
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Tier Intensity: Part E: R&D tax offset: From the 1 July 2021, the Research and Development tax offset is now calculated based on a premium on top of the entities corporate tax rate.
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For entities with a turnover under $20 million, this refundable tax offset is calculated at the entities corporate tax rate plus an 18.5% premium.
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For entities with a turnover $20 million and above, a new section for Tier of intensity has been inserted to the bottom of Part E: R&D tax offset. This is a non-refundable tax offset and is calculated based on the entities R&D intensity rate. Entities will either be entitled to a refundable tax offset of corporate tax rate plus 8.5% premium or their corporate tax rate plus a 16.5% premium depending on the R&D intensity.
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These are non-editable fields. MYOB will calculate the non-refundable offset based on the information entered. A summary of the tax rates can be located in the Research and development (R&D tax offset) 2021–22 (in Appendix A).
The Research and Development schedule provides a worksheet to assist in the calculation of amounts in the Feedstock sub-section and R&D recoupment sub-section included in Part B Clawback amounts.
To make a claim at item 22 on the company return under Division 355 of the Income Tax Assessment Act 1997 (ITAA 1997), you must complete a Research and development incentive schedule.
The company may be entitled to claim the R&D tax incentive in the current-year company return if it's an R&D entity that's registered its R&D activities with Innovation Australia through AusIndustry for the current income year.
To create the R&D schedule
Open a 2022 company tax return and either:
in the Tax schedules and workpapers panel on the right of the page, select Research and development tax incentive schedule, or
at item 21, click Related schedule/workpapers and click Add.