The R&D Tax Incentive is broad-based, market-driven assistance for all industries. It provides a targeted tax offset to encourage more companies to engage in R&D.
The R&D Tax Incentive helps businesses who have already spent over $20,000 on their research and development, or have conducted their R&D through a Research Service Provider or Co-Operative Research Centre.
It aims to:
Boost competitiveness and improve productivity across the Australian economy
Encourage industry to conduct R&D
Provide business with more predictable, less complex support
Improve the incentive for smaller firms to engage in R&D.
A 43.5% refundable tax offset for companies if they have an annual turnover of less than $20 million. This tax offset is available to companies that are not controlled by tax exempt entities
A non-refundable 38.5% tax offset for all other eligible companies.
For income years before 1 July 2016:
The refundable offset rate is 45%
The non-refundable offset rate is 40%.
22JIG is a specialist consulting agency helping your business access training subsidies and accessible grants. Most businesses don’t know of the available fundings introduced by the Government. *Grants of up to those amounts are available depending on requirements.