Be rewarded for your innovation

The Research and development (R&D) tax incentive encourages companies to engage in R&D benefiting Australia, by providing a tax offset for eligible R&D activities. It has two core components:

– a refundable tax offset for certain eligible entities whose aggregated turnover is less than $20 million
– a non-refundable tax offset for all other eligible entities.

Does your business invest in innovation by developing new or improved products, systems, processes, devices or services? Are you seeking guidance on the commercial viability of your innovation? Do you need assistance to manage innovation and valuable intellectual capital in your organisation?

To apply for the R&D Tax Incentive, you will need to register your eligible R&D with the Department of Industry, Innovation and Science (the department). You are also responsible for keeping all records and documentation to demonstrate your R&D is eligible as defined in the legislation.

To be eligible for the R&D Tax Incentive you must:
– be a company that is liable to pay income tax in Australia.
– conduct at least one activity that meets the legislated definition of a core R&D activity.
– Core R&D activities involve at least one hypothesis guided experiment that is undertaken to generate new knowledge.
– Other non-experimental activities that directly support a core R&D activity may be eligible as supporting R&D activities.

You may claim for some R&D conducted overseas under certain circumstances.

To improve your chance of having no fuss application process with Aus Industry and subsequent tax return lodgement with the Australian Taxation Office, contact our office today or book a time to meet with us.