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Check if Your Business Eligible for the R&D Tax Incentive

All businesses, big or small, are entitled to consider eligibility for the R&D (Research and Development) Tax Incentive. It’s a business assistance program conducted by the Australian Government to encourage firms that engage in R&D activities. It is not industry-specific, but it has to meet the definition of R&D for them to be eligible. And any entity that is considering using the R&D Tax Incentive must be an incorporated non tax-exempt Australian entity. Examples of acceptable industries are Manufacturing, IT & Software, Tourism, Food & Beverage, Mining, Agriculture, Biotechnology, Medtech and Pharmaceutical, to name a few.

The Research and Development Tax Incentive helps offset some of the costs you put into the R&D, which benefits the Australian economy. It also helps innovate and grow your business. Learn more about your eligibility at Rimon’s R&D tax incentive grant.

Rimon’s R&D tax incentive grant

How to Qualify for the Research and Development Tax Incentive

Before submission, you need to judge if your company’s activities meet the legislated criteria of the R&D Tax Incentive. You need to ensure that your application for registration is correct. You also need to provide accurate information to the Department of Industry, Science, Energy, and Resources and the Australian Tax Office (ATO). The department oversees the registration of R&D projects, while the ATO manages the qualified entities and costs.

To be eligible for the R&D Tax Incentive, your company must:

  • A business that is subject to pay income tax
  • Govern at least one project that matches the meaning of R&D
  • Have eligible R&D expenditure of $20,000

If your R&D expenditure is lower than $20,000, you can still apply for the offset if you use a Research Service Provider to conduct your R&D.

How does Submission of Registration Work?

The first step in submission is to check your eligibility. You must ensure that your company meets the eligibility criteria of the R&D Tax Incentive and that the possibility of claim outweighs the required effort. The next step is to submit the registration form to the AusIndustry to register the claim formally. After that is the Income Tax Return, where the company’s accountant prepares the tax schedule, they also need to include the company’s annual tax return schedule. Lastly, receive the Tax Offset. It will vary depending on the size of the claim and on the company’s profit or loss.

At Rimon, they will take care of your R&D Tax Incentive. They are currently working with businesses and companies – from large-listed to the smallest. Get yourself comfortable and run your business with ease. Let Rimon do all the work when it comes to ensuring that you get your R&D Tax Incentive. They indeed are the people you can trust.

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