If yes, you may be eligible to claim the Research & Development Tax Incentive (R&DTI). The R&DTI is a program facilitated by the Federal Government to encourage Australian businesses to invest in innovation. Eligible companies can claim a tax offset of up to 43.5% of eligible expenditure (or 43.5c of every $1.00 spent).
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The R&DTI is not industry specific and is open to any company undertaking experiments to develop a new product. There are three eligibility criteria:
* there are some exceptions for overseas entities in certain circumstances.
Expenditure attributable to eligible R&D activities can be included in a claim. Commonly claimed expenses include:
Eligible R&D activities that are conducted in the Gold Coast and around Australia may be claimed as part of the R&DTI. Overseas R&D activities are generally not eligible, however, there can be some exceptions where certain conditions can be met. For example, if Australia does not have the right type of climate to test the bonding of materials.
Eligible R&D activities must either be a core activity or a supporting activity. What makes a core or supporting activity eligible, and how to articulate your innovation to meet the program guidelines, is where our experienced team can assist.
Reach out to our team of advisory consultants today and find out how our strategic R&D consulting services can help you plan for R&D success.
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