The Research and Development (R&D) Tax Incentive is the federal government’s primary assistance programme for encouraging business R&D and innovation.
Registrations for R&D activity conducted during the YE 30 June 2018 must be lodged by 30 April 2019.
SME’s can sometimes think of claiming tax incentives or grants for R&D as complex and time consuming. However, if claims are able to be adequately substantiated the benefits available are generous.
To be eligible for R&D Tax Incentives you must be:
- incurring eligible R&D Expenditure through a company structure
- conducting an experimental activity where the outcome cannot be determined in advance
- generating new knowledge by developing new or improved;
- documenting the results of your R&D Activity