Why the rush? Well the chances are you have already set yourself a deadline, you incorporated and registered an ABN. The tests look at both of these dates, and so do we. We can use them to confirm how old the company is, and secondly to find out when you run out of time.
If you have advanced your business via R&D, Investment, Patent etc, you may well have sailed past the 3 year curfew, Do not despair! You can still qualify if the company was incorporated within the last 6 income tax years (the latest being the current income tax year at the test time).
Say that again?
Well the test time is a fancy way of saying the date of the share sale, so lets rephrase the tax speak to; your out of the action if you incorporated more than 6 tax years prior to the share sale. For example;
INNOTECH incorporated on 1st of June 2012, applied for a patent that is granted in 2015, takes on 50k from a 3rd party investor and spends 50% of last years taxable income further R&D. All sounding promising, though the clock is ticking! Tax year 1 is the 2011-2012 year, so 2016-17 will be the final year the company shares are eligible for a rebate!
INNOTECH know how long it takes to on-board investors, confirm ESIC eligibility and wrap up all the paperwork, so the 9 months to 30 June 2017 is looking pretty skinny!
What are you waiting for?