Startups and Scaleups: R&D Tax Incentive FY2019 Deadline extended due to Coronavirus

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On 24 March 2020, Ausindustry announced that the R&D Tax Incentive deadline for the 2018-19 financial year is extended to 30 September 2020 (previously 30 April 2020). 

Azure Group is welcoming this extended R&D deadline as an opportunity to ensure that businesses will have more time to submit their R&D Tax Incentive applications. Azure Group is committed to working with program participants to support you in managing your R&D Tax Incentive claims. Please get in touch.


What is an R&D Tax Incentive?
R&D Tax Incentive is a program managed by the Department of Industry, Innovation and Science and the Australian Taxation Office (ATO) which encourages companies to engage in research and development (R&D) activities benefiting Australia. This incentive is available to companies in startup and scaleup phase who undertake R&D activities.

What is the benefit?
If you are developing a new product or process and validate your ideas through experimental activities, you might get up to 43.5% of your development costs which you can use to re-invest on your R&D.

Want to know more?

Azure Group has published a series of blogs about the R&D Tax Incentive, where we explored 5 common misconceptions about R&D, topping it off with a downloadable booklet to keep on hand when you are exploring R&D. We have dived deeper into satisfying the different eligibility tests  of R&D Tax Incentive legislation using real-world examples to cut through the confusion on whether your business is eligible or not.

DOWNLOAD R&D BOOKLET HERE

Related: Government Grants and Incentives: Which one is right for my Business?


Why Azure Group?

 

At Azure Group, our personal touch is the key to unlocking exceptional outcomes for our clients. To assist you in accessing the maximum possible refund under the Government Grant scheme, Azure Group has a team of experienced Grant specialists who meet with you to understand your product and services in more detail to unlock the true value of your activities.

Azure Group team has assisted many startups and SMEs in claiming Government Grant. We are proud of our success rate. Our Grant specialists take the time to review and assess each of your expenses to maximise your claim and guide you through the strenuous Austrade audit process.

Feel free to contact Azure Group to check your eligibility.

Have you noticed our#FridayExpertTips... here's one that relates to #CoVID-19: Cashflow Forecasting

There is no denying that COVID-19 will have short and long-term effects on the economy and your business. It’s imperative by now that you have a long view cashflow forecast in place that deals with both good and worst case scenarios so you are ready to react swiftly. Speak to us today if you need help."

 

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Azure Group
Azure Group

Azure Group is the leading Chartered Accounting, Business Advisory and Strategic Advisory firm supporting the growth & success of fast growing entrepreneurial businesses.

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