The Australian Federal Government has established a programme to provide significant financial support to all Australian businesses seeking to develop new products, solutions and services, called the R&D Tax Incentive.
As the mining boom draws to an end the Government has recognised that the future well-being of the Australian economy depends to a large extent on innovation in industry, and its commercialisation.
To encourage innovation the Federal Government has created an ongoing scheme to provide significant financial support to Australian business, large and small, engaged in any form of R&D. That support comes through the R&D Tax Incentive scheme which is self-assessed and is claimed through your tax return.
The R&D Tax Incentive is an entitlement, which means that if you meet the criteria, the benefits, which may be substantial, are yours. The new R&D Tax Incentive scheme has been fully functioning for the past year, and will run into the foreseeable future.
If your business is involved in R&D you are likely to be eligible for the funds. Contact us today for an initial discussion, you may be very pleasantly surprised.