Government Grants

By: Saving Point  03-Feb-2011
Keywords: Government Grants, R&D Tax Concession, R&D Tax Credit

 

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

Other products and services from Saving Point

27-Apr-2012

Clean Energy Investment Programs

Manufacturing, food production and processing businesses, are most likely to be affected by the carbon tax and therefore need to ensure they take advantage of the billion dollar government grant programs available to undertake emission-reducing initiatives.


03-Feb-2011

General Expenses

  Saving Point is dedicated to increasing the profitability of its clients by maximizing their potential to reduce costs without compromising the quality and function of their core business. We operate completely independently, and if we find no refunds there is absolutely no cost to you. You’ve got nothing to lose, and everything to gain. For further information please contact Saving Point on (03) 9555 3551 or send us an email on


03-Feb-2011

Expense Reduction

  Yes, and better still – it won’t cost you one cent, nor do you have to do anything but make some basic information available. Best of all, because we are so confident we will find and reduce the elephants in your hidden costs, we don’t charge any up-front fees. We only charge a portion of the savings we make for you, so you have everything to gain and no risk.


03-Feb-2011

Tariff Concession Order (TCO)

  It is important to provide all information and relevant attachments. If you fail to meet all the requirements outlined in the form your application may be delayed or rejected. We will walk you through the whole Tariff Concession Order application process. We will complete and submit all the required paper work, database searches and communicate with potential local manufacturers on your behalf. For further information please contact Saving Point on (03) 9555 3551


03-Feb-2011

Freight Audit

  Saving Point is dedicated to increasing the profitability of its clients by maximizing their potential to reduce costs without compromising the quality and function of theircore business. We operate completely independently, and if we find no savings can be achieved there is absolutely no cost to you. You’ve got nothing to lose, and everything to gain. Contact us today to arrange an appointment.


03-Feb-2011

Import File Audit™

  Using our proven four-part process, Saving Point® will review your full imported product range to gain a complete understanding of their duty classifications. We then review all Customs entries and associated import documentation going back up to four years. Using our audit system, Saving Point will provide a detailed report of any over-charged duties, as well as recommended steps. Lastly, we will prepare all documentation and apply for any duty refunds from Customs, which will be dep


03-Feb-2011

R&D Tax Concession

  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


03-Feb-2011

R&D Tax Credit

  Companies with an aggregated turnover of less than $20 million per annum will be entitled to claim the Refundable R&D Tax Credit of 45% (the equivalent to a 150 per cent concession) and there won’t be a cap on how much can be claimed. This means that a company in a tax loss position with an eligible R&D expenditure of $2 million can potentially obtain a cash benefit of $900,000. The companies that are in a tax paying position will have that amount credited against any tax owed