Research & development (R&D)
Are you involved in research & development to create new or improved materials, products, devices, processes or services?
Did you know that you can claim 125 per cent and up to 175 per cent tax deductions for eligible expenditure in certain circumstances?
In order to be eligible you need to register for the income year with the Industry Research & Development Board and meet the minimum R&D threshold expenditure of $20,000 or contract your R&D to an approved Registered Research Agency. You also need to have a R&D plan.
Detailed information about the R&D Tax Concession is available in the Guide to R&D Tax Concession on the AusIndustry website www.ausindustry.gov.au
If you would like more information on how to claim a deduction for R&D talk to your Chartered Accountant.
