R&D Tax Incentive Eligibility Assessments
In Australia, there are two main tax offsets available to companies. The new R&D Tax Incentive laws apply to R&D activities from 1 July 2011. You could be eligible for either:
If you are eligible you will have until 30 April to apply for your R&D Tax Offset.
It is essential to adequately assess a potential R&D claim at the beginning. This is one of the most important parts of the R&D claim process. Greenwich & Co have experience in accurately assessing whether a business is eligible for the R&D Tax Incentive. Speak to one of our team to find out whether your business is eligible to claim the R&D Tax Offset.
Who can apply:
At a minimum, applicants must:
Core R&D activities are experimental activities:
a. whose outcome cannot be known or determined in advance on the basis of current knowledge, information or experience, but can only be determined by applying a systematic progression of work that:
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- is based on principles of established science; and
- proceeds from hypothesis to experiment, observation and evaluation, and leads to logical conclusions; and
b. that are conducted for the purpose of generating new knowledge (including new knowledge in the form of new or improved materials,
products, devices, processes or services)