The R&D Tax Incentive offers significant cash benefits to innovative firms, both large & small.
With the 2 May registration deadline looming, firms need to prioritise their application.
The R&D Tax Incentive is a program jointly administered by AusIndustry and the ATO. The objective of the program is to foster Australian innovation by providing a tax incentive to firms that undertake eligible R&D activities.
The R&D Tax Incentive consists of a tax offset for eligible R&D expenditure. The tax offset rate is:
- 45% for companies with annual turnover of less than $20M.
- 40% for companies with annual turnover of $20M or more.
With the 2 May due date for lodging 2014/2015 registration applications now less than 10 days away, companies seeking to claim the R&D Tax Incentive in their 2015 tax returns need to give priority to the completion of their application.
Keep in mind that 2 May is a strict deadline. If applications are not lodged on time, the company will simply miss out on it’s opportunity to claim the R&D Tax Incentive.
If you believe that your company can claim the R&D Tax Incentive, but have not yet looked at applying, it is not too late. However, there is no time to waste and you should talk to your tax adviser asap.
Accountants Ballarat & Bookkeepers Ballarat
For those companies that have already lodged their applications, we recommend that they start preparations for their 2016 application now. Eligible R&D activities should be identified and appropriate documentation and record keeping should be put in place. The company will then be well placed to submit the 2016 application promptly after end of financial year.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
Ballarat Accountants | Business Accountants Ballarat | Ballarat Bookkeepers | Ballarat Mortgage Broker | Ballarat Financial Planners | Ballarat Accounting Firms | Ballarat Bookkeeping Firms
Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354
Melbourne Accountants | Business Accountants Melbourne | Melbourne Bookkeepers | Melbourne Mortgage Brokers | Melbourne Financial Planners | Melbourne Accounting Firms | Melbourne Bookkeeping Firms
Sunbury Accountants | Business Accountants Sunbury | Sunbury Bookkeepers | Sunbury Mortgage Brokers | Sunbury Financial Planners | Sunbury Accounting Firms | Sunbury Bookkeeping Firms
Gisborne Accountants | Business Accountants Gisborne | Gisborne Bookkeepers | Gisborne Mortgage Brokers | Gisborne Financial Planners | Gisborne Accounting Firms | Gisborne Bookkeeping Firms
Phone: 03 97444522
Sunbury Office Address: Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429, Australia
Gisborne Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Postal Address: PO Box 270 Gisborne Victoria 3437