Is your business continually innovating and investing in the future? If so, it’s likely that a proportion of your expenditure may be eligible for a tax offset!
With the aim of encouraging more companies to engage in research and development, R&D Government Tax Incentives provides eligible entities with a tax offset for expenditure on applicable activities and is accessible to all industry sectors – from telecommunications to construction! In today’s blog, Wilson Pateras’ Principal Sash Nikolovski shares his expert insights on the true value your business could derive from securing an R&D Government Tax Incentive.
What are the benefits of applying for a R&D grant?
The program aims to help more businesses engage in research and development and to promote innovation by reducing the cost (and risk) of undertaking research and development activities. The R&D Government Tax Incentive helps companies doing eligible work to create new or improved products, processes and services by reducing their tax or receiving a refundable cash tax offset. Organisations that invest in research and development to drive innovation can create returns for their own business and assist in creating long-term value and a competitive advantage.
Could you provide two examples of the type of businesses that may be eligible for an R&D Government Tax Incentive?
Wilson Pateras’ clients have enjoyed great success in this area. Examples include Advanced Precision (an innovative engineering company) and an Australian gaming and app development company. These two clients create ground-breaking new products and are therefore of optimal eligibility. More generally, industries that would benefit from this incentive would include the Agri-food, Biotechnology, Built Environment, Energy, Manufacturing, and Software Development sectors.
How can Wilson Pateras assist in ensuring clients success in this area?
With over two decades of experience in all aspects related to the R&D Government Tax Incentive, the team at Wilson Pateras can assist clients to identify and evaluate projects and services for tax efficient outcomes. We can determine their eligibility, prepare the relevant R&D application, assist with record keeping requirements, provide advice on the collation and identification of eligible R&D expenditure and substantiation requirements.
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