Want to apply for the R&D Tax Incentive? There is no better time than now!
A gentle reminder for companies with 30 June 2019 financial year end who plan to register for R&D Tax Incentive program, the deadline of 30 April 2020 is fast approaching.
We would encourage companies to chat with Azure Group as soon as possible to discuss eligibility and record-keeping requirements for the program. Our team comprises a group of specialists with accounting and engineering backgrounds who have continuously achieved the highest success rate in claiming the R&D Tax Incentive.
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.