If your business is engaged in research and development (R&D) you might be eligible to claim a tax offset under the R&D tax incentive.
The R&D Tax Incentive can deliver sizeable tax savings and even refunds of up to 43.5% of your R&D expenditure, where the company is in a tax loss situation.
By using the R&D Tax Incentive, a company with a group turnover of less than $20 million which spends $1 million on R&D in a given year could:
- Obtain a refund of up to $435,000, or
- Reduce company tax by $160,000 (where the company is in a tax paying position)
Administered jointly by the Australian Tax Office (ATO) and AusIndustry, the R&D Tax Incentive is Australia’s largest industry incentive assisting nearly 10,000 companies per annum but remains underutilised; mainly due to a lack of eligibility or implementation knowledge.
“Claiming R&D Tax Incentives is not complex and is a self-assessment, rules based program. At William Buck, we deliver you the knowledge, tools and support.”
Operating as a rules based, self-assessment program, applying for the R&D Tax Incentive need not be difficult. In fact, the new rules surrounding eligibility are designed to increase industry participation in this valuable program.
Our specialist tax team offers a range of R&D Tax Incentive compliance services that range from tailored expert advice through to use of collaborative, online project, knowledge and record keeping management systems.
Our service is designed to augment and support your existing skills and knowledge, recognising that the new R&D Tax Incentives rules mandate the need for applicants to take greater control of project and knowledge management to maintain compliance.