What are R&D tax incentives or Government Grants?
The research and development (R&D) tax incentive is offered by the Australian Government to encourage companies to engage in research and development activities that benefit our country. For small to medium businesses, the incentive provides a refundable tax offset for eligible entities whose aggregated turnover is less than $20 million. Tax offsets of up to 43.5% are available for costs incurred on eligible activities.
There are various government grants available which provide business owner the opportunity to obtain funding from the government towards a specific project. These vary in size, purpose and eligibility.
More information refer to our paper on Government Incentives & Grants
How can we help?
The Walsh Accountants team understands the complexities of these matters and can take the guess work out of assessing your eligibility for R&D incentive and other government grants.
Our Services include:
- Identifying which incentives your business is eligible for
- Analysing the relevant financial information to ensure your business meets the more complex requirements of any incentive or grant
- Preparing findings to help determine your eligibility prior to lodgement
- Reviewing your current accounting systems to see if there are more efficient ways of handling data for future grant application
- Providing advice on how to maximise R&D projects in the future
Not sure if you are eligible for the R&D grant or another Government Incentive? Contact us today to find out more.
Our team of qualified and highly skilled Business Advisors have the knowledge and experience to help identify any grant or R&D opportunities available to you. As the application process can be quite time consuming, our team can assist by managing the process; from submission of your application right through to receiving your payment.