After replacing the Research and Development Tax Concession in July, the Research and Development Tax incentive officially became law early this month.
Open to every business across all industry sectors, the incentive offers targeted tax offsets as an encouragement for more Australian business to engage in R&D activities.
The program is jointly administered by the Australian Tax Office and AusIndustry and has adopted two new components, which will aim to provide greater financial benefits for eligible R&D activities; a 45 per cent refundable tax offset to entities with less than $20 million in aggregated turnover and a non-fundable 40 per cent tax offset to all other eligible entities.
Public information sessions about the incentive will be hosted through September and October.
For more information on eligibility and how to register your R&D activities, as well as fact sheets and application forms, visit the ATO website or the AusIndustry website, or phone the AusIndustry Hotline on 13 28 46.