The April 30 deadline to apply for the R&D Tax Incentive is only weeks away. Are you eligible to claim it?
The R&D Tax Incentive is a great way for businesses who are investing in innovation to secure a cash injection of up to 45 per cent of eligible expenses from the previous financial year.
The Australian government helps businesses fund the improvement of products, processes, or services through the R&D Tax Incentive. This provides a safety buffer for small businesses taking a financial risk in trying to create something new or improve something existing.
Hanrick Curran will perform a grant eligibility assessment, free of charge, to assess if business owners will qualify for the R&D Tax Incentive. To be eligible for the R&D Tax Incentive, businesses have to meet a few key requirements. These include:
- Being incorporated in Australia as a for¬ profit company;
- Having spent more than $20,000 on eligible expenses in the last financial year; and
- Having improved an existing or building a new product, process or service.
Review the 5 step process to access the R&D program here and be ready to make your claim before 30 April, 2015. For assistance with determining if you are eligible for the R&D Tax Incentive, please contact your usual Hanrick Curran Adviser or call Jamie Towers on 07 3218 3900.