Attention and crossmodal interactions are closely linked through a complex interplay at different stages of sensory processing. Within the context of motion perception, previous research revealed that attentional demands alter audiovisual interactions in the temporal domain. In the present study, we aimed to understand the neurophysiological correlates of these attentional modulations. We utilized an audiovisual motion paradigm that elicits auditory time interval effects on perceived visual speed. The audiovisual interactions in the temporal domain were quantified by changes in perceived visual speed across different auditory time intervals. We manipulated attentional demands in the visual field by having a secondary task on a stationary object (i.e., single‐ vs. dual‐task conditions). When the attentional demands were high (i.e., dual‐task condition), there was a significant decrease in the effects of auditory time interval on perceived visual speed, suggesting a reduction in audiovisual interactions. Moreover, we found significant differences in both early and late neural activities elicited by visual stimuli across task conditions (single vs. dual), reflecting an overall increase in attentional demands in the visual field. Consistent with the changes in perceived visual speed, the audiovisual interactions in neural signals declined in the late positive component range. Compared with the findings from previous studies using different paradigms, our findings support the view that attentional modulations of crossmodal interactions are not unitary and depend on task‐specific components. They also have important implications for motion processing and speed estimation in daily life situations where sensory relevance and attentional demands constantly change.