The deadline for the first year R&D claims is fast approaching, being 30 April 2021. Claims have been rolling in and the experience so far has highlighted that there are teething issues in the administration of the scheme.
As part of our ongoing work with government to ensure a successful regime, Gwen Riley has been appointed as an independent external advisor to Inland Revenue. Part of Gwen’s mandate is to help officials ensure that the administration of the R&D tax incentive is consistent with the policy intent. An immediate outcome of this will be revised guidelines, more closely aligned to the original policy intent which will be used to recalibrate the assessment process. This builds on Gwen’s role as the independent advisor to the Parliamentary Finance and Expenditure Committee and demonstrates how business and government can work together to find solutions to fuel New Zealand’s prosperity.
Once these new guidelines are released in the next few weeks, we will provide another update.
For any assistance on the R&D tax incentive, feel free to reach out to any one of us.
We will in due course be hosting a webinar on the R&D tax incentive, where we will also cover these new guidelines. Details of the webinar will be included in our next update when the new guidelines are released. Keep an eye out!