R&D Tax Incentives: Benefits and Eligibility

Accessing the federal government’s research and development tax incentive is often considered too complicated by SME’s to be worth their while.  However, if claims are able to be adequately substantiated the benefits available are generous.

In recent times, our clients have had great success accessing their R&D entitlements by engaging experts to review their entitlements and assist with the preparation of the necessary documentation.  That is, someone else has come in and done all the hard work for them which resulted in either a reduction in tax payable or a refundable tax offset.

R&D Tax Incentives Eligibility Requirements

To be eligible for R&D Tax Incentives you must be:

a) conducting an experimental activity where the outcome cannot be determined in advance; and

b) generating new knowledge by developing new or improved:

  • Products,
  • Processes, or
  • Services

c) applying a scientific (documented and systematic) approach to conducting your developments.

If you would like to review the eligibility requirements further, please refer to the Substantiation Tracker prepared by Swanson Reed, specialist R & D tax advisers.  We work with Swanson Reed to maximise your entitlements to the R&D Incentive in an efficient and timely manner.