Are you Eligible for the R&D Tax Incentive?

Home > Money With Melanie > Tax Matters

04 / Sep / 2014


Do you own an Australian company that pays tax?  Does your company manage or develop new or improved technical services?  If you answered yes to both questions then you may be eligible for the R&D Tax Incentive.

The R&D Tax Incentive is quite generous, so if you are eligible it is worth your time to register and maintain the necessary records.

First you want to make sure that your activities are eligible.  Check out the description of eligible activities on the AusIndustry website.

You will need to register your R&D activities with AusIndustry within 10 months of the end of the financial year, using the online Registration Form.

You should receive a registration number from AusIndustry within a few weeks of submitting your registration form.  This does not mean that a determination has been made that your R&D is eligible.  This is a self-assessment program and you should expect AusIndustry follow-ups.

The registration number is required to lodge an R&D tax incentive schedule along with your company income tax return.  The 2015 schedule has not yet been released, but we will be able to provide this later in the year.

The most important thing once you’ve registered is to ensure that you keep detailed and up to date records establishing that you have undertaken R&D activities, and financial records that show a connection between the expenditure and the R&D activity.

If you are unsure about your eligibility or how to keep your records please give us a call.  We are here to help!