Companies with a June year end that wish to claim the R&D Tax Incentive for activities conducted in the 2014 financial year need to register before 30 April 2015 to be eligible to claim.
The R&D Tax Incentive can provide generous support in offsetting some of the costs of R&D to help your company undertake R&D activities and develop new products, services and processes.
There are a few misconceptions surrounding the R&D Tax Incentive that may prevent some companies from considering themselves eligible to claim.
Many people think the R&D Tax Incentive is only available for companies who conduct experiments in labs, however the fact is that experiments are conducted in a wide range of arenas from laboratories, to mine sites, and even office cubicles. As long as you are creating, or improving, a new product or process which generates new knowledge, you could be eligible for the R&D Tax Incentive.
Companies who have not yet registered, but may have eligible R&D activities, should review their eligibility here.
An important thing to keep in mind is that AusIndustry requires documentation to show the process that you went through in developing your product. This could include photos or drawings of the concept, meeting notes, internal emails and documents. As long as you have documentation to show that what you created was not ‘an accident’, you should be eligible to claim.
Swanson Reed can assist companies in compiling their applications to deliver accurate documentation to meet the 30 April deadline.