Time is running out for businesses to register for the research and development tax incentive on offer from the Federal Government.
The R & D tax incentive is broad-based, market-driven assistance for all industries aimed at encouraging more companies to engage in R & D, boosting competitiveness and improved productivity across Australia.
The incentive is a self-assessment program and when applying, you must correctly apply the law in making your claims and have records to justify your self-assessment.
Companies that have incurred notional deductions (R & D expenditure) of at least $20,000 can apply.
May 1 is the deadline to register for the incentive for eligible activities conducted during the last financial year.
Companies still seeking to lodge FY16 R & D claims who have not previously submitted their FY16 registrations should take immediate action.
Companies registering for the incentive need to provide details of:
- Core R & D activities and the corresponding hypothesis for each
- Details of experiments undertaken for each core R & D activity
- Unknown technical outcomes and why knowledge generated from the core R & D activities is new
- Eligible supporting activities and how these relate to a corresponding core R & D activity
►For more information on registering for the R & D tax incentive click here.