Wouldn’t it be great to get paid to do this?
Actually you can… through the R&D Tax Incentive.
It is highly likely that you can claim up to 150% of eligible spending with Speedwell through this incentive – and the best part is that in certain situations, the ATO will even send you CASH.
Basic eligibility criteria are:
- You must be a registered Australian Company (partnerships, sole traders, trusts are not eligible)
- You must have spent from than $20,000 during the financial year on eligible R&D activities
- You must be creating a new or improved product, device, material, process or service
- You must be undertaking experimental activities (i.e. designs, trials or testing)
The good news is that Speedwell can assist with criteria 3 & 4 – because we have been creating or improving your services throughout the year.
This is not just another feel-good initiative from our government! Some of our clients have saved tens of thousands of dollars in tax by applying for the R&D Tax Incentive (and its predecessor the R&D Tax Concession).
So, from all at Speedwell … Merry Tax Concession and a Happy New Financial Year !
Some other useful links:
- http://www.ausindustry.gov.au/Pages/InfoPackSearch.aspx?program=/programs/innovation-rd/RD-TaxIncentive (Information Pack)
- http://rdincentiveeligibilitytool.ausindustry.gov.au/ (Eligibility Tool)