Research and Development Tax Incentive with Etax Local
Many Australian businesses could benefit from specialised Research and Development tax advice, communicated in simple terms. At Etax Local, our Research and Development experts can do just that.
The Australian government is encouraging investment in innovation and supporting businesses by offering tax offsets for eligible Research and Development expenditure.
The incentives are considerable, as follows:
- A 43.5% refundable tax offset of eligible expenditure for companies with a turnover under $20M, and
- A 38.5% non-refundable tax offset of eligible expenditure for companies with a turnover greater than $20M.
If your business invests in developing new or improved materials, processes, products or services, then you may be eligible for a research and development tax offset.
To obtain the benefit, a company must register with AusIndustry keep good records related to expenditure, conduct eligible Core and Supporting activities and claim through their annual tax return. The registration must be done before 30th April of the year following the year of expenditure.
Can you benefit from the Research and Development tax incentive?
The specialists at Etax Local can assist your company to do any of the following:
- Provide you with initial advice and explain the process, timeframes and types of eligible expenditure.
- Identify eligible activities conducted by your company.
- Provide you with record keeping advice relevant to your activities.
- Apply for an Advance finding, to determine eligibility of activities, before registration.
- Apply for other Advance findings, such as Overseas findings, Core Technology findings, or apply for a Post-registration finding.
- Prepare the AusIndustry application and obtain your registration number.
- Review your expenditure records to optimise your claim.
- Complete the ATO’s Research and Development Tax Incentive schedule.
- Conduct reviews of claims or records.
Etax Local, is a Quality Assured, CPA and registered Tax Agent practice – and experts in Research and Development Tax
To learn more about the Research and Development tax incentive and how it might apply to your business, contact the Business Development team on 1300 174 689, or use the “Contact Us” form below.