The Research and Development Tax Incentive – What Are You Missing Out On?
Does your company invest funds to improve or develop new knowledge, products, processes or services?
The Research and Development (R&D) Tax Incentive has been around for a while in various forms. The Government provides this tax offset to encourage Australian companies to invest in R&D activities within Australia that benefit Australia. This incentive can provide up to 43.5% cash refund (*conditions apply).
There is a good chance that you are eligible to receive this tax incentive. Just like your tax return this incentive requires that records to be created, maintained and kept to substantiate the claim. Do you know what records are required for this incentive?
At The Grant Specialists we work with you, and support you, every step of the way and removing the pain of dealing with government departments allowing you and your company to capitalise on this fantastic, non-competitive, self-assessed government incentive.
Contact us for more information on eligible criteria and conditions to receive this tax incentive. The R&D Tax Incentive would be a big boost to your bottom line.
* The current tax-offset rates for 2018 FY that apply to qualifying companies are:
- 43.5% refundable tax offset for companies with an aggregated turnover of less than $20 million (unless they are controlled by tax exempt entities); or
- 38.5% non-refundable tax offset for all other companies.
