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Research & Development Tax Incentive
A viable option for businesses spending over $20,000 on eligible Research & Development, offering up to a 43.5% refundable tax offset.
Minimise financial risk, maximise innovation. Unlock the full potential of your business.
The Australian Federal Research and Development Tax Incentive (R&DTI) is a progressive initiative designed to foster innovation, development, and the expansion of knowledge across industries. This program is dedicated to supporting businesses in generating new understandings, products, software, technology, and more, contributing to the broader advancement of Australia’s economy.
Who is eligible?
To qualify, your business's project must demonstrate technical risk, contribute to the discovery of new knowledge, and show considerable novelty. Only companies (excluding trusts, partnerships, or sole traders) that invest a minimum of $20,000 AUD in eligible Research & Development activities conducted within Australia and own the resulting IP or end product are eligible.
What are the benefits?
If your business is innovative, attempting to create new knowledge, or bridging an industry gap, you may be eligible for up to a 43.5% refundable tax offset on money already spent. This reduces the monetary risk of innovation and encourages the growth of your business.
Refundable VS Non-Refundable offsets
Eligible companies can receive a tax offset for eligible R&D expenditure. The amount of the offset is determined by several factors, including the time, personnel, and resources dedicated to the R&D project.
18.5% to 43.5% refundable tax offset for companies with a group turnover below $20 million
8.5% to 16.5% non-refundable tax offset for companies with a group turnover above $20 million.
These offsets help reduce the financial risks associated with innovation, fostering business growth and development.
With the R&DTI, you can claim research and development expenditure across multiple categories. Grant Help works with you to interpret eligibility and determine claimable expenses. When claiming R&D expenses, you need to substantiate how they are connected to the core and supporting activities of the R&D project. If we can substantiate that additional expenses are necessary for your project, it is likely we can claim them. Commonly claimed expenses include:
Staff salaries, wages and superannuation for employees actively involved in your R&D project can make up a significant percentage of your claim. Eligible expenditure for employees is apportioned to their contribution and can include:
- Salaries
- Wages
- Allowances
- Bonuses
- Overtime Payments
- Penalty Rates
- Annual Leave
- Sick Leave
- Long Service Leave
- Superannuation Contributions
- Premiums for Workers’ Compensation Insurance
- Payroll Tax
Third party contractors are deemed eligible for participation, signifying that they meet the criteria and standards set forth. This recognition allows them to actively engage in and contribute to the specified activities or projects, ensuring a collaborative and inclusive approach to achieving successful outcomes.
The R&DTI allow your business to claim the depreciation of equipment and facilities being used for your research and development activities. The decline in value of equipment or assets can be claimed at a higher offset rate.
Whether failed or successful, the process of developing a new product or service can be long and costly. Under the R&DTI, applicants will be able to claim experimental costs such as:
- Raw Materials
- Consumables
- Documentation
- Prototype Development
- Costs related to Supporting R&D Activities
- Testing and Analysis
- Overhead Costs.
Those who have incurred administrative costs and overheads while engaging in R&D activities are eligible to seek reimbursement for expenses such as:
- Rent
- Electricity and Utilities
- Property Rates and Taxes
- Insurance
Computer software and IT applications purchased to support and facilitate your R&D activities can be eligible. This includes:
- Cloud Computing Software
- Support Legacy Systems
- Machine Learning
- Artificial Intelligence
- Software Migration
A simple process.
We guide you every step of the way.
We assess your eligibility.
Our process begins by learning about your business and educating you on available program's to determine which grants & incentives are best for your business.
We gather and analyse the documentation.
A successful application depends on the strength of supporting evidence. We collect and take stock of the documentation that you have.
We assemble and lodge your grant.
After putting together the best possible application, our experts lodge your submission, ensuring that we adhere to all compliance requirements.
We represent you through the grant and audit process.
We offer an end-to-end service, representing you during the submission and audit processes to ensure you are fully supported at all times.
We source ongoing funding opportunities for your business.
We maintain long term relationships with our clients and work hard to source ongoing funding opportunities for your business.
Your business is in good hands with Grant Help.
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