The R&D Tax Incentive
The R&D Tax Incentive is one of the best government incentives out there — regardless of your business size. Offered by the Australian Taxation Office and AusIndustry, it provides a generous offset to encourage research and development activities that can benefit the national economy.
For companies with a turnover under $20 million, it can deliver a cash benefit of up to 43.5 percent. For those with a turnover more than $20 million, the benefit is still significant, at 8.5 percent.
To qualify, you need to be an Australia-based business that has participated in one or more of the following activities over the last year:
- Developed an innovative product, service, device or process
- Outsourced research activities
- Licensed new technology and tried it on a trial basis
- Attempted to solve an industry-wide problem
- Completed trials that led to lost goods
- Other activities intended to generate new knowledge
You may be conducting research and development without knowing. And you’re not alone. A shocking 70 percent of eligible businesses aren’t currently taking advantage of the R&D incentive, effectively leaving money on the table.
Claim Your Cash
At CharterNet, we’ll manage the entire application process for you, including prepping and submitting your documents. Plus, there’s no up-front or minimum fee. In fact, if your incentive isn’t granted, there’s no fee at all.
We work with you to define eligibility and identify potential R&D projects.
Using our unique interview-based ‘reverse audit methodology,’ we prepare your recommended supporting documentation, including R&D project plans.
We calculate your eligible R&D expenditure on a project-by-project basis.
We prepare your application for registration of R&D activities for lodgement with AusIndustry, and if approved, the R&D schedule for lodgement with the Australian Taxation Office.
We liaise with AusIndustry and the Australian Taxation Office in the event of any review or audit.