Did you know you the R&D Tax Incentive program is the Australian Government’s principle measure to enhance and increase the amount of research and development undertaken by Australian businesses?
The R&D Tax Incentive provides eligible entities with a tax offset for expenditure on eligible R&D activities and for the decline in value of depreciating assets used for eligible R&D activities.
The R&D Tax Incentive replaced the previous R&D Tax Concession for income years commencing on or after 1 July 2011.
The objectives of the R&D Tax Incentive program are to provide a tax offset to make eligible companies more competitive and improve productivity across the Australian economy by:
- encouraging industry to conduct R&D that may not otherwise have been conducted.
- providing business with more predictable, less complex support.
- improving the incentive for smaller firms to engage in R&D.
Molecule2Market can provide you with a local R&D tax expert who can walk you through the requirements to qualify for these incentives, and help you every step of the way.