Accessing tax benefits and claiming entitlements for research and development (R&D) activities can help offset some of the costs of innovation. The R&D Tax Incentive program is the Australian Government’s largest targeted entitlement program, providing support to Australian companies in their R&D efforts. As a manufacturer, you may be eligible for the R&D Tax Incentive program and not even know it. Don’t leave money on the table! Read on to learn from SEMMA member Kate Mahady of FB Rice R&D Tax Consulting about how you can claim your entitlements and receive the support you need to innovate and grow your business. Let’s work together to build a strong and thriving manufacturing industry in Australia!
The deadline for applications for the Research and Development tax offset for the last financial year (ending 30 June 2022) is fast approaching. Companies wishing to claim the refundable offset must submit their applications by 30 April 2023.
Manufacturers are one of the largest claimants of the program and it provides significant benefit to companies developing of new or improved products or processes, or problem solving.
R&D TAX OFFSET RATES
Companies can receive 38.5%-46.5% tax offset on eligible R&D expenditure including salary and wages, contractors, direct costs and depreciation. Importantly, SME companies can access 43.5% as a refundable offset if they’re in losses providing much needed cash flow.
Companies who have already submitted the FY22 tax return can still lodge and amend to access the offset.
LEARN MORE & CONTACT
For assistance with submitting a claim ahead of the deadline, please contact SEMMA member Kate Mahady.
Partner FB Rice | R&D Tax Consulting03 8618 4158 | 0424 931 914kmahady@fbrice.com.au | fbrice.com.au
