The Australian Government has for many years rewarded Australian companies that conduct their own research, develop new ideas, and innovate through targeted assistance, formerly known as the R&D tax concession, and now more recently badged R&D Tax Incentive.
These measures provide a tax offset or in some circumstances cash back in the form of a tax refund to help you get your ideas developed.
It is a broad-based entitlement program. This means that it is open to firms of all sizes in all sectors who are conducting eligible R&D. This also means you are not competing with other companies as many grants programs require you to do. In this instance if you tick all the criteria boxes you will get the assistance your company deserves.
The two core components are:
- a 45 per cent refundable tax offset (equivalent to a 150 per cent deduction) to eligible entities with an aggregated turnover of less than $20 million per annum
- a non-refundable 40 per cent tax offset (equivalent to 133 per cent deduction) to all other eligible entities.
MGI Adelaide can help your businesses identify the eligible R&D you are doing every day and capture that to ensure that you get your piece of the pie.
If your business is developing new ideas, products, production processes or are trialling better ways to do things, you could be eligible for real cash under the R&D Tax Incentive Scheme.
Make sure you contact us to discuss your businesses eligibility and the assistance we can provide to identify, document and claim your R&D benefits.
Director, Taxation and Business Services