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R&D Tax claim deadline approaching 12 Mar 2020

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Have you made plans to lodge your 2019 year R&D Tax Incentive Application in time for the upcoming 30 April deadline?

The R&D Tax Incentive provides companies with a tax benefit for undertaking eligible R&D activities. Activities are eligible if they have been undertaken for the purpose of generating new knowledge and have been pursued in a systematic manner. Eligible R&D projects can encompass the development of new products, improved systems and processes, or methods to resolve a particular technical problem.

The tax benefit available is dependent on the aggregated turnover of your business. Currently, a 38.5% tax offset applies to companies with an aggregated turnover of $20mill or greater. SMEs with a turnover of less than $20mill are entitled to a 43.5% refundable tax offset.

The window is closing fast to register your R&D activities for the year ended 30 June 2019. Failing to register your R&D activities by 30 April will prevent you from accessing the tax offsets that are available.

Please contact the R&D tax experts at Glasshouse Advisory for a free assessment and to find out how we may assist you to prepare a robust R&D Tax Incentive claim.

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