If your business is currently in the process of developing a new technology or researching a new scientific concept, then you may be eligible to receive research and development tax incentives from the Australian government. The Australian government is willing to provide tax breaks to both small/medium-sized companies and large corporations whose R&D activities could have benefits for the country as a whole.
At Swanson Reed, R&D tax is our specialty. With offices throughout Australia and an affiliated firm in the United States, we have built a nearly three-decade global presence in the field of R&D tax advising. If you are interested in pursuing an R&D tax incentive for your business, Swanson Reed’s team of specialists and advisors can help you to determine your eligibility and prepare a claim.
A Brief History of R&D Legislation in Australia
Before you begin preparing a claim for an R&D tax incentive, you might want to know a bit about the history of R&D tax legislation in Australia. Previously, this tax break program was known as the R&D Tax Concession program. However, in 2011, the ATO (Australian Taxing Office) and AusIndustry (the government branch in charge of Australia’s business grant and tax break programs) created a joint program to replace those concessions. The new program, known as the R&D tax incentive, was designed to encourage even more businesses throughout Australia to implement extensive research and development programs.
As you can see, given the fact that the R&D tax break program changed completely in 2011, R&D tax legislation in Australia is always evolving. For that reason, it is important for companies engaging in R&D and pursuing governmental tax incentives to stay up to date on relevant R&D ATO rulings and R&D AusIndustry decisions. Please note that both governmental departments have the power to audit companies seeking R&D tax incentives in Australia. As such, it is of paramount importance to stay updated on their court rulings, legislative changes and other activities to ensure that your business is always staying compliant with R&D tax laws.
Where to Follow R&D ATO Rulings or AusIndustry Decisions
The question many businesses ask at this point is how they can best keep tabs on new R&D AusIndustry decisions or ATO rulings. Busy company accountants or R&D department heads don’t necessarily have time to go digging around on Google, looking for court cases or legislative amendments that may not have even taken place.
Swanson Reed can help with that, too. We maintain a fairly comprehensive and up to date knowledge centre on our website where you can find resources on R&D legislation, AusIndustry decisions, ATO rulings and more. We post regular news updates about what is going on in R&D tax law in Australia, and we provide interpretations and commentary with each post, to help you understand how these decisions and rulings might affect your company.
To view these helpful resources, visit the Swanson Reed website at www.swansonreed.com.au and select the ‘Knowledge Centre’ tab at the top of the page. Alternatively, you can call our team at 1800 792 676 to speak with a representative directly.