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Are you developing new or improved innovative products or processes, undertaking experimentation or attempting to solve technical unknowns? If so, you may be entitled to access the R&D Tax Incentive program.
The R&D Tax Incentive can provide vital support for businesses by funding growth and fostering future innovation. As an entitlement-based program, it is open to a broad range of industries. From the early stages of an idea, to when you are seeking to diversify via innovation within an established brand or business (including carrying out product or process improvements) the R&D Tax Incentive is a key platform to attract innovative projects to Australia.
There are several levels of support including a refundable offset for companies where their annual aggregated turnover is less than AUD $20m and a non-refundable tax offset when aggregated turnover is more than $20m in a financial year.
Grant Thornton's Innovation Incentives team works alongside you to help support concepts and ideas come to life. We do this by assisting with the navigation of the R&D Tax Incentive program and helping to identify your IP and the foundations of your offering, for true innovative success.
We help businesses find savings, reduce expenses, and document their IP processes. This is especially important as the expected level of record-keeping is often higher for R&D than for other areas of tax.
Our highly trained R&D specialists understand the R&D landscape relevant to your industry, working closely with companies from start-ups to multinationals across all sectors. We tailor our approach to your compliance obligations from identifying eligible activities and costs, preparing your R&D Application and R&D Tax Incentive Schedule, ensuring that R&D governance forms part of your claim process.
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