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This is an article contributed by one of our Collective Members, Damian Smyth from Swanson Reed.
The Research and Development (R&D) Tax Incentive is the federal government's primary assistance programme for business research and development. Registrations for research and development activity conducted during the YE 30 June 2017 must be lodged by 30 April 2018.
SMEs may be led to believe that claiming their tax incentives or research and development grants is a complex and time consuming process. However, if claims are able to be adequately substantiated, the benefits available are generous.
Our clients have had success accessing their R&D claims by engaging with experts in order to review their legal entitlements as well as assist with the preparation of the necessary documentation.
a) incurring eligible R&D Expenditure through a company structure;
b) conducting an experimental activity where the outcome cannot be determined in advance;
c) generating new knowledge by developing new or improved;
d) documenting the results of your R&D Activity;
Additionally, companies engaged in R&D may be eligible for the following tax benefits.
Companies with group turnover less than $20 million receive a 43.5% refundable tax offset which provides the following for eligible expenditure:
Companies with group turnover exceeding $20 million receive a 38.5% non-refundable tax offset which provides the following for eligible expenditure:
If you would like to review the eligibility requirements further, please contact our office or our Collective member that is an expert in this field, Damian Smyth of Swanson Reed.
More information is also available here.
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