Are an Australian business or an entrepreneur with an amazing idea?
Are an inventor about to begin a journey on a project where you aim to develop a new concept?
Are part of a company that decides to enter into developing a new way of doing something because you are frustrated with shortcomings in your industry?
It’s time to explore the R&D Tax Incentive!
The Australian Government supports research and development that is happening in Australia. Before you begin your R&D is the best time to seek advice on how to best set up your project with the resources you have available and how to easily capture the relevant information required to substantiate your claim.
Often projects are well underway before people hear about the R&D tax incentive, but it’s not too late to seek advice on record keeping and structure mid-way through a project.
Just because you may have lost out on some eligible R&D costs before you learn about R&D (for example you are a sole trader, that entity type is not eligible) you are able to set up a Pty Ltd company and start claiming the eligible costs incurred from the incorporation date. So, the time to review your existing business structure is now, not later.
All eligible companies can make an application to register for the Research and Development Tax Incentive for up to 10 months after the end of their tax year. The April 30th deadline is just around the corner for June-July reporting entities so get on track to submit a claim in the coming year.