none

R&D TAX INCENTIVE DEADLINE LOOMS

20-04-2015
by 
in 

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. ​

Related news & editorials

  1. 24.05.2019
    24.05.2019
    by      In
    Monash University’s Institute of Railway Technology (IRT) has signed a memorandum of understanding with the International Union of Railways (UIC), the worldwide professional association representing the railway sector and promoting rail transport.
    The memorandum was signed in Manila during the 2019... Read More
  2. 24.05.2019
    24.05.2019
    by      In
    New challenges are emerging as the global aerospace industry grows, and it often seems that production delays, manufacturing and materials shortages and counterfeit parts are keeping pace with advancements. Boker’s knows that aerospace original equipment manufacturers and their supply chains demand... Read More
  3. 24.05.2019
    24.05.2019
    by      In
    IPD has become the exclusive Australian distributor for AuCom Electronics, a Christchurch-based manufacturer of soft start technology and fixed speed motor control solutions. AuCom provides low to medium voltage starter solutions to suit almost any requirement in a variety of industry applications... Read More
  4. 23.05.2019
    23.05.2019
    by      In
    As a teenager, Gary Rush dreamed of driving in New Zealand’s Formula Atlantic open-wheel racing cars. Now, a generation later, he has realised his dream, driving in and winning the top single-seater award of the Matos Formula Libre Series.
    Rush won the Ultimate Echo Cup for finishing top of a field... Read More