Research and Development Tax Incentive

Date/Deadline: 30 Sep, 2020

The Research and Development Tax Incentive (R&D Tax Incentive or R&DTI) helps to offset some of the costs you put into eligible R&D, which benefits the wider Australian economy.

What is the incentive: A refundable tax offset of 43.5% or 38.5% (depending on annual turnover) for eligible activities of Australian businesses.

What activities are eligible: This incentive program supports experiential R&D activities (also known as core activities) that are conducted for the purpose of generating new knowledge (think developing new software or UX, for example).

What can you claim on offset: Subject to eligibility criteria, businesses can generally claim a tax offset for:
– Expenditure incurred on R&D activities;
– Decline in value of depreciating assets used in R&D activities; and
– Balancing adjustments for depreciating assets used for R&D activities.

Who is eligible and when to apply: The R&D tax incentive is available to all Australian companies if they meet the eligibility criteria.

Timing: All applications will need to be made by 30 September 2020. The sooner you lodge your claim the sooner you’ll get the cash.

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