The Australian Government’s renewed focus on and support of research and development (R&D) means we are now one of the most attractive locations in the world to undertake R&D activities. The R&D Tax Incentive program, especially, offers generous support to businesses undertaking and investing in innovation.
Tapping into business-changing government incentives
From focusing on specific growth sectors, like the Modern Manufacturing Initiative, and incentivising growth opportunities, like exporting, to changes to the tax laws to encourage savings, Federal and State Governments regularly release grants and other support packages and make law reform to help Australian business innovate and grow.
Accessing these incentives can be the difference between success and not. They can be competitive and are regularly complex. We stay across the latest developments from the government to help our clients access these crucial business incentives.
In 2020, the Federal Budget introduced major changes to the R&D Tax Incentive being the R&D tax offset (16.5% + corporate tax rate) for companies that achieve an R&D intensity of greater than 2% of their total expenses. This is available to companies with an aggregated turnover of more than $20 million.
How we help
Our innovation incentives team works with clients from all sectors. Sometimes it might be the early stages of an idea, or a diversification within an established brand or business, even a product or process improvement. Other times, it is a whole new income stream for the organisation or a project focused on solving a new societal or environmental challenge.
We work alongside our clients to help make innovative concepts and ideas a commercial reality: from helping to secure and protecting your IP and the foundations of your offering, to tapping into all available and crucial areas of funding and finance to take it to market.
Our team understands the R&D landscape you must navigate, including compliance obligations, balanced with accessing the commercial and financial help for true innovative success. We help businesses find savings, reduce expenses and document their IP processes – especially important as the expected level of record-keeping is higher for R&D than for other areas of tax.
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