The R&D Tax Concession is available to all Australian companies, across all industries and has no limit to the amount that can be claimed in any given year.
It is by far the largest program in this country that supports industrial R&D and Innovation. It is only one of few instances where the government is giving money to private business.
Under the program, eligible R&D Activities attract a tax deduction of 125% on every dollar spent. Given the current 30% corporate tax rate, that’s additional 7.5c in every dollar that the company can offset against their tax liabilities…. or $75,000 in every $1,000,000 spent. Or in other words, a 7.5% return on investment after interest and tax. And that’s a lot of widgets to make and then try to sell to get such a return on investment.
In fact, close to a billion dollars is diverted to this program each year by the government. And there are only around seven thousand companies claiming throughout Australia. How many hundreds and thousands of others are missing out?
At Saving Point we take the complexities out of your R&D Claim process. With our rigorous approach, depth of experience and commercial attitude, we help add more cash to your bottom line.
How to claim the
To claim the R&D Tax Concession (or the R&D Tax Offset) you must register your eligible R&D Activities with the government within ten months after the end of the financial year. In other words, if the company’s financial year ended on June 30, 2010 it has to register before April 30, 2011.
The R&D Costs go into the company’s tax return and submitted to the ATO. Just like the rest of the tax return, it’s done on a self-assessment basis. But you have to know what activities and costs are eligible to claim. When claiming the , you must register the activities before submitting your tax return.
How can Saving Point help?
We will walk you through the whole claim process, identifying all eligible R&D activities and costs, ensuring that all exclusions, limitations and grey areas are thoroughly investigated, explained and resolved.
We will complete and submit all the required paper work on your behalf, provide you with all the relevant information for your reporting and audit needs, and ensure that the records and plans are maintained to substantiate the claim.
And in the event the government chooses to review your claim, we will be there for you, assisting in every step of the way.
We will also advise you on the operation of the new that is set to replace the existing regime in the near future.
For further information please contact Saving Point on (03) 9555 3551 or send us an email on