Tax Rebates based on expenses you have paid for innovation
About R&D.
If you are currently innovating and developing a new product, and have made certain expenses, you may be eligilbe to a substantial tax offset which may be up to 43%. The tax rebate is calculated as a % dependant upon the individual expense amount and it may vary in consideration of what type of expense you have paid.
The Research & Development (R&D) program provides financial assistance for business who conduct R&D activities which are eligible to be claimed. There are different criteria rules as per each of the expenses and it can be tricky to work out if you are actually eligible. As a trusted Grant advisory firm, we can advise you on which expenses you may be eligible to receive and submit the application on your behalf.
Find out how to apply and the support that is available for you
Research & Development Grant (R&D) Explained
Eligibility
Eligibility for the R&D Tax Incentive is determined by the nature of the R&D activities being undertaken and the amount of eligible R&D expenditure incurred. To be eligible, the R&D activities must aim to:
* create new knowledge, or
* significantly improve existing knowledge or technology, and must involve a systematic progression of work that is based on principles of natural or physical sciences, engineering, or social sciences.
In addition, the business must incur eligible R&D expenditure, which includes the cost of salaries and wages for employees directly involved in the R&D activities, as well as certain materials and consumables used in the R&D process.
How to apply
Applying for the Research & Development (R&D) program can be complex, especially as it has a self reporting element and obligation. The process involves registering the technical R&D activities with Ausindustry and then submitting the financial claim through a tax schedule as part of your tax return to the Australian Taxation Office.
At Gainpoint we not only simplify the process for you, we also ensure we claim the maximum amount you are entitled to as well as ensuring you have all the required evidence for compliance purposes.
Don’t let the application process overwhelm you. Let the grant advisors help you secure the funding you deserve. Contact us today to learn more about our services.
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Information
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02
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03
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