R&D Tax Incentive
Reach your Saving Point with R&D
The Australian government offers one of the best research and development (R&D) tax incentives in the world, to business' small, medium and large. Every year, a generous offset is granted by the government to encourage research and development activities amongst business owners to boost company competitiveness, improve productivity with the aim of stimulating the national economy.
Data has shown that 70% of eligible Australian business' are either unaware of the R&D Tax Incentive or aren't claiming their entitlements because of what can be a complex and time consuming application process.
For activities carried out since 1st July 2017, eligible businesses have been entitled to the following benefits:
- For companies with a group turnover under $20 million, a 43.5% refundable tax offset.
- For companies with a group turnover over $20 million, a 38.5% non-refundable tax offset.
The type of costs that can be included in a claim for the R&D Tax Incentive include expenses such as:
- Salaries and super for project staff.
- Australian-based consultants, researches or contractors.
- Prototype build and production trial development.
- Company overheads.
Applications open each year on 1st July and close 30th April.
How do we help you?
Our experienced team of specialist consultants, knowledgeable in government grants for R&D processes, will dedicate their expertise to your business requirements. We offer a detailed and viable analysis of your R&D case, and simplify the process of receiving a government grant for the development of your new product or service.
Why Saving Point?
✔ We are a passionate and friendly team of engineers, scientists, legal and financial experts that will help your company identify R&D eligible projects and activities.
✔ Our credited technical and legal experts will help your claim achieve compliance with the ATO and AusIndustry, saving your business valuable additional resources.
✔ Our financial experts will maximise the benefits of the R&D tax incentive to your company through our comprehensive review methodology.
✔ We offer competitive pricing for a complete claim process and only charge applications that are successful.
Our Saving Point Methodology
Our specialised consultants will liaise with you to identify all eligible R&D projects and expenditures, investigate compliance with eligibility requirements.
We prepare all the information and materials required in the registration process for you. We prepare technical reports based on the supporting documentation and interviews conducted.
We calculate your eligible R&D expenditure and maximise the benefit of the incentive to you whilst achieving complete compliance with the ATO.
We document our entire process and provide you with a final report of information related to the claim for your record keeping.
We assemble all the documentation required by AusIndustry and the ATO for a strong application submission.
We are confident and committed in assisting you through the process of any potential review, audit or future grants.
Assess your eligibility for the R&D Tax Incentive
Before deciding if you want to apply for the R&D Tax incentive, you should know that there are several eligibility requirements that must be met.
If your project is based on coherent, proven principles of science and follows the scientific method (hypothesis to experiment, to observation and evaluation, to the formation of logical conclusions), resulting in the production of new technical knowledge, you may meet the R&D criteria.
At Saving Point, we will thoroughly analyse your project and work with you to determine the best way to secure funding for your business.
Learn more information about the R&D Tax Incentive by contacting us for an expert consultation.
For any inquiries regarding our services, please contact Saving Point at (03) 9555 3551 or send us an email at [email protected] as we look forward in assisting your business to succeed.