These days, research and development is about much more than white coats and polished laboratories.
R&D involves innovations across all aspects of business, including new products, enhanced processes and fresh ways of working. But innovation can be an expensive pursuit.
To address this cost, it can be beneficial for companies to access R&D tax incentives offered by the federal government. In our experience, companies do not understand all the requirements of these programs.
At Grant Thornton, our specialist R&D team can help you identify and apply the rules, and to make the most of your R&D investment.
For example, if your company turnover is less than A$20 million a year, you could be eligible for a 43.5 per cent tax offset on eligible R&D spending.
We can help to identify your eligible R&D activities, and to build a robust case for making a claim by collating accurate supporting documentation. We’ll also work with our other teams to suggest additional grants your business could be eligible for.