AusIndustry has released a new publication that it says will help businesses understand the registration requirements for the R&D Tax Incentive.
The publication outlines what information will be required when businesses commence registering for the Incentive from July 1 and provides additional explanatory materials to help businesses complete their applications.
Minister Assisting for Industry and Innovation, Senator Kate Lundy, said the new R&D Tax Incentive represents the biggest reform to business innovation support in more than a decade.
“AusIndustry has been working closely with the Australian Taxation Office to implement the R&D Tax Incentive and this publication is designed to help businesses prepare for registration,” Senator Lundy said.
“It is the latest step in what has been an extensive consultation with Australia’s business community. More than 3,000 people have attended public information sessions on the Incentive and AusIndustry has distributed material to more than 11,000 business and consultants who have registered for the former R&D Tax Concession.”
The R&D Tax Incentive increases the rates of support for eligible research and development activities. For small and medium sized businesses with annual turnover of less than $20 million, the rate of support above the normal tax deduction has doubled from 7.5 cents in the dollar to 15 cents in the dollar - a total tax offset of 45 cents in the dollar. Senator Lundy says this will be particularly helpful for SMEs seeking to improve their productivity through innovation.
Businesses are able to register for the R&D Tax Incentive from July 1 and an online smart form will be made available in June via the AusIndustry website, where you can also find the new publication.
Follow @mybusinessau on Twitter for breaking stories throughout the day.