R&D Tax Incentive Program Assistance
The Australian Commonwealth’s Research and Development Tax Incentive program is aimed at assisting businesses with the cost of conducting Research and Development.
Previously known as the R&D Tax concession, the incentive program provides substantial benefits to SMEs, particularly in accessing the cash back component of their R&D spend and:
- offers up to 45% tax offset for eligible expenditure on approved activities;
- a cash refund for businesses up to $20 million dollar turnover.
The incentive program now places greater emphasis on the use and documentation of the Scientific method and proof of concept and analysis.
The recent changes to the tax incentive legislation further provides substantial benefits to SMEs, particularly in accessing the cash back component of their R&D spend.
How SAS can help you
Our specialist consultants provide a unique mix of scientific/technical and commercial/accounting expertise to assist with your R&D claim. Read more about us.
We have particular sector experience in Information and Communication Technology, Manufacturing, Transport and Logistical services, Biotechnology and Biomedical Science Industries and the Pharmaceutical Industry. SAS can provide an end-to-end service to clients wanting to access the R&D program.
We will help you to identify what projects may qualify for R&D, how those projects may be defined and how to best substantiate your claim.
Our services include:
- Defining a client’s eligible R&D activities and expenditures
- Preparing and Lodging the application for registration with AusIndustry
- Ensuring robust documentation and audit trails for AusIndustry and ATO audits and investigations
- Working with your accountants and advisors in lodgement of the R&D tax schedule in the income tax return
- Liaising with and assisting other advisors such as patent attorneys, research contractors and technical specialists
- Assisting with calculation of the R&D claim
- Assisting clients with AusIndustry queries and audits
- Preparation of objections and appeals and defending ATO audits
If you would like to have an obligation free consultation or simply have a question, contact us.