Innovation is a very important driver of company growth and it is fueled by research & development. R&D could be the development of a more efficient process or a new or improved product that provides a competitive edge and what you may not know is that businesses can reduce the cost and risk of undertaking R&D.
Accountants Sunbury & Bookkeepers Sunbury
According to a study, 80% of businesses believe that R&D is important for future growth but one in five of them doesn’t spend for it and 67% spend less than 5% of their total expenditure. The most common reason is cost but 72% of them had never sought Government funding for assistance despite the fact that there are programs that assist in lowering the cost of R&D.
Many think of competitive grant funding when Government assistance is concerned. It is difficult to base a two or three-year development program because of the stiff competition and short term availability of the grants. Grants may also be specific to certain industries or location or may be limited to a pool of funds. However, the R&D Tax Incentive is another way to assist in funding R&D activities and costs. It is an incentive, not a grant and applicants are not competing for a limited pool of funds.
Eligible companies with less than $20 million of aggregated turnover can have a refundable tax offset of 43.5%. Eligible companies with over $20 million of turnover can have a non-refundable tax offset of 38.5%.
Accountants Sunbury & Bookkeepers Sunbury
The R&D Tax Incentive is open to companies from industries that have developed a technological solution for products, processes or service. Certain criteria must be met and the main consideration is that the activity is overcoming technical uncertainties through knowledge borne out of an experimental process. It doesn’t have to be conducted in a laboratory but needs to involve a systematic progression of work from idea to testing.
If you want to apply for the R&D Tax Incentive, eligible activities must be registered with the Department of Industry, Innovation and Science within 10 months after the end of your company’s financial year. After you register, a schedule must be completed within your company’s tax return and lodged with the ATO. If your company has a 30 June financial year end date, you need to register by 30 April.
Sky Accountants Sunbury
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
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.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
Here are two other ways we help business owners grow their business:
- Take our free online assessment and see how much your business is currently worth (free 30page detailed report included)
- If you are looking to change Accountants or need advice on how to grow your business, organise a 1on1 session with a Sky Business Expert here
Email Address: firstname.lastname@example.org
Business Accountants Ballarat | Ballarat Accountants | Ballarat Mortgage Broker | Ballarat Financial Advisers | Ballarat Accounting Firms | Ballarat Bookkeeping Firms | Ballarat Bookkeepers | Restaurant Accountants in Ballarat | Accountants for Manufacturing Business in Ballarat | Farm Accountants in Ballarat | Accountants for Medical Professionals in Ballarat | Accountants for Tradies in Ballarat | Company Accountants in Ballarat | Company Bookkeepers in Ballarat | Casino Accountants in Ballarat | Spa Accountants in Ballarat | Cafe Accountants in Ballarat | Accountants for Builders in Ballarat
Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354
Business Accountants Melbourne | Melbourne Accountants | Melbourne Mortgage Brokers | Melbourne Financial Advisers | Melbourne Accounting Firms | Melbourne Bookkeepers | Melbourne Bookkeeping Firms | Restaurant Accountants in Melbourne | Accountants for Manufacturing Business in Melbourne | Farm Accountants in Melbourne | Accountants for Medical Professionals in Melbourne | Accountants for Tradies in Melbourne | Company Accountants in Melbourne | Company Bookkeepers in Melbourne | Casino Accountants in Melbourne | Spa Accountants in Melbourne | Cafe Accountants in Melbourne | Accountants for Builders in Melbourne
Business Accountants Sunbury | Sunbury Accountants | Sunbury Mortgage Brokers | Sunbury Financial Advisers | Sunbury Accounting Firms | Sunbury Bookkeeping Firms | Sunbury Bookkeepers | Restaurant Accountants in Sunbury | Accountants for Manufacturing Business in Sunbury | Farm Accountants in Sunbury | Accountants for Medical Professionals in Sunbury | Accountants for Tradies in Sunbury | Company Accountants in Sunbury | Company Bookkeepers in Sunbury | Casino Accountants in Sunbury | Spa Accountants in Sunbury | Cafe Accountants in Sunbury | Accountants for Builders in Sunbury
Business Accountants Gisborne | Gisborne Accountants | Gisborne Mortgage Brokers | Gisborne Financial Advisers | Gisborne Accounting Firms | Gisborne Bookkeeping Firms | Gisborne Bookkeepers | Restaurant Accountants in Gisborne | Accountants for Manufacturing Business in Gisborne | Farm Accountants in Gisborne | Accountants for Medical Professionals in Gisborne | Accountants for Tradies in Gisborne | Company Accountants in Gisborne | Company Bookkeepers in Gisborne | Casino Accountants in Gisborne | Spa Accountants in Gisborne | Cafe Accountants in Gisborne | Accountants for Builders in Gisborne
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