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Kia ora, R&D in New Zealand

New Zealand's Inland Revenue Department recently introduced the Research & Development Tax Incentive (RDTI) scheme and RADBE has commenced the lodgement of RDTI claims for clients via Inland Revenue's myIR portal.

According to the New Zealand Government's new RDTI website, the RDTI allows qualifying businesses to claim a 15% tax credit on their eligible R&D costs. New policy changes allow more loss-making businesses to have this R&D tax credit refunded in cash. These broader refundability rules are backdated to the beginning of the RDTI scheme (the 2019/2020 income year) to help put much-needed cash back into R&D-performing businesses that are making losses.

For 2019-20 financial year, claims are closing soon under the R&D Supplementary Return.

Subsequent years are subject to the completion of 'General Approval' applications, which are due by the 7th day of the 2nd month following the end of the income year (for the standard balance date 31st March, this would be the 7th of May). For the 2020-21 financial year, therefore, General Approval applications are due by May 7, 2021. The New Zealand RDTI requires that project 'general approval' be lodged for projects of 1-3 years duration for subsequent activities.

For more information about the New Zealand RDTI process, timeline and how to lodge a submission please get in touch.

Latest News

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:

  • Content Creation
  • Digital Marketing
  • Accounting and Finance
  • Branding and PR
  • Digitising Your Business
  • HR and Recruitment
  • Supply Chain
  • Business Basics
  • Pivot Opportunities
  • Scaling Your Business
  • Mindset and Growth
  • Networking Opportunities
  • Support and Mentoring

Contact us for more information.

Update: R&D Changes 2021

The R&D Tax Incentive is undergoing a number of reforms as part of the 2020-21 Federal Budget, including increased benefits for the 2021-22 financial year. Find out more here.

Kia ora, R&D in NZ

RADBE is now providing RDTI services in New Zealand, find out more information here.

RDTI Concerns Raised in Estimates 26/02/19

The research and development tax incentive (RDTI) was a main focus during the Department of Industry’s appearance at senate estimates on Thursday afternoon.

New RDTI Guidance Article

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...

September Update for State based Government Grants

STATE-BASED GOVERNMENT GRANTS – SEPTEMBER 2018 UPDATE

In the 2018 budget the Queensland Government injected an additional $73 million over 4 years into the Advance Queensland Program bringing the total available funds to $650 million. 

 

Budget 2018

New information relevant to Federal Government Grants August 2018