R&D Tax Incentive
What is the R&D Tax Incentive?
The Research and Development Tax Incentive (R&D) is a program designed to increase participation in the Australian Innovation Economy. Eligible businesses can receive a tax rebate on eligible R&D activity.
The amount varies depending on the size of the business and annual turnover, but can be broken down into two key categories:
SME’s and Start-ups:
SME’s and start-ups that turn over less than $20 million annually can receive a rebate up to 43.5% for R&D activities.
For large businesses with more than $20 million aggregated annual turnover, the offset is a non refundable carry forward deduction of 38.5%.
R&D Tax Incentive Key Dates
The application for Research and Development Tax Inventive closes 10 months after the end of each company financial year.
For June year end companies
Registrations open on 1st July annually (for the prior year activities undertaken)
Registrations Close 10 months after – being the 30th April the following year.
Advanced Finding Applications – must be lodged during the financial year the activities are being undertaken. So for a June year end, the Advanced Finding must be lodged before June 30 each year.
For December year end companies
Registrations open on 1st January annually (for the prior year activities undertaken)
Registrations Close 10 months after – being the 31st October.
Advanced Finding Applications – must be lodged during the financial year the activities are being undertaken. So, for a December year end, the Advanced Finding must be lodged before December 31st each year.
How can Avant Group help you getting R&D Tax Incentive?
When you’re a business owner, you may not have time to work through the red tape and audits required to apply for government grants.
Avant Group is your partner for grant success! We take all the hassle out of the entire grant application process from working through the red tape, writing the application and managing audit and reporting requirements – so you can focus on running your business.
What we offer:
Avant Group offers:
- All AusIndustry auditing management included at no additional cost
- Hands on technical project management covering application writing and administration aspects
- A highly skilled advisory team with consultants from engineering, marketing and finance disciplines
- Government accreditation
- A dedicated account manager who will work with you every step of the way with your grant application
Want to know more? Contact us for an obligation-free assessment of your R&D eligibility.
Phone: +61 (0) 3 8567 7500 or email [email protected]