R&D TAX INCENTIVE – LODGEMENT DEADLINE 30 APRIL 2019
Time is nearly up to claim your Research & Development (R&D) Tax Incentive for the 2017/18 financial year. The countdown is on!
The Australian Federal Government’s R&D Tax Incentive allows for companies engaged in innovative development designed to generate new knowledge to receive a tax offset up to 43.5% of eligible R&D expenditure incurred (offset varies according to turnover).
Last year innovative Australian companies claimed in excess of $3 billion for research and development of new products and processes. It’s not just for the big end of town either. Firms such as RADBE Consulting assisted SME’s with lodgement of thousands of claims across a wide range of industries. Each year there is significant development in software, manufacturing, bio-tech and engineering companies who were born in garages, bedrooms and small offices around the country and grow to become challengers on the world stage.
The startup culture in Australia is booming and thanks to the R&D Tax Incentive innovative companies can access assistance allowing for cash to be injected back into their fledgling businesses, ensuring continuation of development. Cash flow is often the toughest hurdle to overcome during the critical first few years of any startup.
There are of course eligibility criteria to consider. Eligible projects require R&D being undertaken that involves development and testing of new and innovative technologies with a high level of technical and financial risk. Additionally, the incentive extends only to Australian companies who have incurred eligible R&D expenditure of at least $20,000 during the 2017/18 financial year.
If you believe your business meets the above criteria, then the experienced consultants at RADBE can arrange a no obligation meeting to discuss eligibility and the potential benefits you may be entitled to.
As your R&D Tax Incentive consultant, RADBE can assess your projects and guide you through what can be a daunting and time-consuming process with the goal of securing the best possible outcome for your business.
If you would like to know more please contact RADBE Consulting via our website, or call our head office on 07 3216 6242.
But act now, because the lodgement deadline is approaching fast.
Business Ignite Project CLOSING SOON
The Queensland Government is committed to opening Queensland back up for business in the wake of COVID-19, funding a free business education program designed to help navigate economic impact.
The program is available to small business owners, their staff, aspiring and previous operators. It provides access to online resources, including libraries, materials, activities, classes, workshops, courses, e-books, templates and tools to assist businesses in understanding and navigating a response and build a stronger future.
The program is valued at upwards of $5,000 per user, and includes coverage of:
The guidance outlines how companies undertaking software development will have to be more specific with making sure that activities meet the government’s definition of research and development, and keep better records of the activities...