Australian businesses are well known for their innovation, ingenuity and “have-a-go” attitude.

To reward this type of approach and incentivise businesses to go that one step further, the federal government has introduced a new R&D Tax Incentive, as a replacement to the existing R&D Tax Concession regime.

“The R&D Tax Incentive has more generous benefits…  (it) effectively doubles the support for small firms to 15 cents in the dollar and increases support for all other firms by a third, to 10 cents in the dollar”.

From July 1, 2011, the new program allows eligible businesses with a turnover of less than $20 million, to claim 45% of eligible R&D costs as a tax offset.

For those businesses with tax losses, this can mean a generous cash payment. And there is no ceiling as to how much can be claimed.

There are also more generous provisions for software development and off-shore related R&D.

What can you do now?

What you do is fill out a simple and basic application form; we will then evaluate the form to see the probability and validity of the new R&D Tax Incentive for your business:

Open and complete a R&D Tax Incentive Form

At Saving Point, our R&D Tax experts will investigate your business’ suitability to claim the R&D Tax Incentive. We will determine if you are an eligible business, whether you comply with the new definitions, what costs you could claim and records to be kept.

We are looking forward to assisting you with your next R&D Tax application.

For further information please contact Saving Point on (03) 9555 3551 or send us an email on info@savingpoint.com.au