Published 20-04-2015

R&D TAX INCENTIVE DEADLINE LOOMS

20-04-2015

The April 30 deadline for applying for the R&D Tax Incentive is fast approaching. Are you eligible to claim it?

The R&D Tax Incentive is a great way for businesses to get a quick cash injection of up to 45 per cent of eligible expenses from the previous financial year.

April 30 is the deadline for applying for the R&D Tax Incentive, so if you haven’t done so already, now is the time to check if you’re eligible – and to submit a claim if you are.

The Australian government helps businesses fund the improvement of products, processes, or services through the R&D Tax Incentive.

This provides a safety buffer for small businesses taking a financial risk in trying to create something new or improve something existing.

To support SME business owners to access the R&D Tax Incentive, PwC has set up Nifty R&D, which simplifies applying for the incentive.

PwC believes that while over 7,000 small businesses currently apply for the program, over 20,000 small businesses are eligible for the R&D Tax Incentive.

Given this, there is a good chance that your business may be eligible for the R&D Tax Incentive, and time is running out for you to take advantage of this opportunity.

To be eligible for the R&D Tax Incentive, businesses have to meet a few key requirements. These include:

  • Being incorporated in Australia as a for­ profit company;
  • Having spent more than $20,000 on eligible expenses in the last financial year; and
  • Having improved an existing or building a new product, process or service.

It’s generally accepted that your business is doing research and development if you’re experimenting with different solutions to solve a previously unsolved problem.

Examples of R&D vary from industry to industry, but may include, amongst others, a tech start-up building a new web or mobile application; a fashion designer designing a new material; or a farmer improving her automated irrigation system.

If you want to find out more about the R&D Tax Incentive, visit http://niftyforms.com/knowledgebase​ for more information. Or if you want to complete a claim online, you can do so now in about 30 minutes at ​http://niftyforms.com.

This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. 

PwC Australia helps organisations and individuals create the value they’re looking for. ​

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