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.