Last year, innovative Australian businesses claimed more than $3B from the Research and Development program of new or improved products, processes, devices, services and processes. This incentive entitlement is not just for the large multinationals. SMEs and start-ups also lodged thousands of claims across a wide range of industries, including Advance Manufacturing, Food, Information Technology, BioTech/MedTech and Engineering companies.
Projects requiring R&D must be undertaken in Australia and involve the development of new knowledge and testing of new and innovative technologies with technical and financial risk. Additionally, the incentive extends only to Australian incorporated companies who have incurred eligible R&D expenditure of at least $20,000 during the 2017/18 financial year. To view more information about the RDTI, click here.
For eligible companies with a June financial year end our colleagues at Glasshouse Advisory (part of the Xenith IP Group Ltd), can assist with your claim and lodge the 2018 applications up to the final deadline (including providing full compliance or a review service). Please contact Griffith Hack to be directed to an appropriate Glasshouse Advisory team member.