Has your business got its beady eye on research and development? A publication by AusIndustry may be able to shed some light on the government’s new R&D Tax Incentive.
The publication outlines the information businesses will need at hand when they start registering for the incentive from July 1, 2012. It also features additional explanatory materials to help businesses complete their applications.
Senator Kate Lundy, the Minister Assisting for Industry and Innovation, said the new R&D Tax Incentive represents the biggest reform to business innovation support in more than a decade.
“AusIndustry has been working closely with the Australian Taxation Office to implement the R&D Tax Incentive and this publication is designed to help businesses prepare for registration.”
“It is the latest step in what has been an extensive consultation with Australia’s business community. More than 3000 people have attended public information sessions on the Incentive and AusIndustry has distributed material to more than 11,000 business and consultants who have registered for the former R&D Tax Concession.”
So what exactly’s on offer? For SMEs with annual turnover of less than $20 million the rate of support above the normal tax deduction has doubled from 7.5 cents in the dollar to 15 cents in the dollar. The total tax offset will add up to 45 cents in the dollar from July onwards.
“This is particularly helpful for small and medium sized businesses seeking to improve their productivity through innovation” Senator Lundy said.