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R&D Tax Incentive Deadline is Fast Approaching

March 21st, 2013

As the R&D Incentive deadline looms, companies are reminded that they need to register before 30 April to be eligible to claim for R&D activities for the 2012 financial year.

This is the first year the benefits of the new R&D Tax Incentive will be seen.  The R&D Tax Incentive (which replaced the R&D Tax Concession), provides generous support for companies who spent over $20,000 on experimental activities in FY2012.  Companies with an aggregated turnover of less $20 million could be eligible for a 45% refundable tax offset.

There are a few misconceptions surrounding the R&D Tax Incentive that are preventing some companies from considering whether they are eligible.

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.

You could be creating a new piece of software intended for commercial sale, or developing a new algorithm for a search function, or you could be developing protective clothing for people working in a mine.  As long as you are creating a new or improving a product or process, and as a result you are generating new knowledge, you could be eligible for the R&D Tax Incentive.

One important thing to keep in mind is that documentation is required to show the process that you went through.  It is no longer enough to hold up a new product and say “I created a new product, therefore I must have conducted R&D activities”.  AusIndustry require you to show documentation of the process you went through to get there.  This could include photos or drawings of the concept, meeting notes, internal emails and documents.  As long as you have documents to show that what you created was not ‘an accident’, you should be eligible to claim.

If you are still unsure, try our eligibility wizard and find out.

Are You Eligible?


Click here for the R&D Eligibility Wizard

R&D Audit Checklist


Click here for the R&D Eligibility Wizard

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 Swanson Reed - Specialist R&D Tax Advisors 
 
 
 Swanson Reed - Specialist R&D Tax Advisors
  
 39 Google reviews 
 
  
 
 
 
 
  
 Swanson Reed - Specialist R&D Tax Advisors 
 
 
 Swanson Reed - Specialist R&D Tax Advisors
  
 39 Google reviews 
 
 
 
 
 
  
 
 
 
 Daniel McGregor 
 
 
 Daniel McGregor 
 
2022-08-11
 
 
  
 
I have been using Swanson Reed for my clients for more than a decade.  Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients.
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2022-06-06
 
 
  
 
Experienced responsive Team. They have been a great help to me and my company navigate the R&D tax claim process and have provided invaluable advice.
  
 
 
  
 
 
 
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 Enrique Esquivel 
 
2022-06-06
 
 
  
 
Damian and the team at Swanson Reed have been extremely helpfully and professional during all of our consultations. Highly recommended.
  
 
 
  
 
 
 
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2022-06-03
 
 
  
 
  
 
 
  
 
 
 
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 Anatole Kononewsky 
 
2022-06-02
 
 
  
 
The Swanson Reed team have provided our company with exceptional professional advice and assistance for all of our R&D claims for many years - have always achieved great results with excellent value for their services.
  
 
 
  
 
 
 
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2022-06-02
 
 
  
 
Damian Smyth and his team are very helpful, supportive and experts in their field of R&D Tax claims. I'm always happy with the work they do and been a customer of their for over 5 years.
  
 
 
  
 
 
 
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2022-05-31
 
 
  
 
The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end.  Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.
  
 
 
  
 
 
 
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2022-05-31
 
 
  
 
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2022-05-31
 
 
  
 
Always professional.