To quote Federal Minister for Industry & Innovation Mr Greg Combet, “we need to be an innovative country to realise our aspirations for prosperity and business growth ….”
In keeping with current fiscal policy the Federal Government’s new Research & Development tax incentive program has operated from 1 July 2011. What is particularly relevant just now for any eligible company with a 30 June financial year-end is that a first claim under the new incentive program may still be made in respect of activity during the financial year ended 30 June 2012 or later.
For eligible companies the tax incentive is a must in that, by delivering upon the Government’s purpose to encourage R&D activity, it provides an additional tax benefit, either 10% or 15% of expenditure depending upon annual turnover.
An eligible entity has up to ten months after a financial year end to register its R&D activities with AusIndustry, and thereby move towards making a valid claim in the income tax return for that financial year. Therefore, to be amongst the first successful claimants in the new program, registration with AusIndustry must occur before 30 April 2013. Of course, entities that balance later than 30 June 2012 have even more time to register.
Eundo can assist Australian companies in all phases of an R&D tax claim by establishing eligibility through to calculating the ultimate outcome. All advisory work is performed by an experienced tax professional who is a registered agent with the Australian Taxation Office. Ancillary legal and technical support is also co-ordinated where necessary.
