Contribution towards an Innovative Australia
The most difficult part of any career is finding your passion and your purpose. Some desire significance whilst others may desire
something like love and affection, financial freedom… the list goes on. It took me some time to identify that I craved contribution. Contribution
to others, myself, family, friends, staff, industry and most importantly, contribution to the success of my clients.
Innovation is an integral contribution to the success of any business. The Australian Government has identified this and for more than 30
years the Federal Government has provided nearly $100 billion dollars to encourage innovation.
Available to companies undertaking eligible R&D activities, the R&D Tax Incentive provides a refundable offset of 43.5% of eligible expenditure. This 43.5% may be paid to your company as a ‘cash’ payment, for other companies it can pay part of your tax liability – there is significant value for everyone!
Most people don’t even know this exists! Some do but have convinced themselves they aren’t eligible. Admittedly, legislation can make it sound daunting. Government commentary can be overwhelming; however, I consider the R&D Tax Incentive to be quite simple - If you answer yes to any of the following questions, you’re probably eligible:
- Did you fail during testing new products or systems?
- Could you not know the outcome of your experiments when innovating?
- Are you disrupting your industry?
- Do you have an R&D manager, or R&D specific contractors?
R&D
Consultants exist to navigate you through the eligibility criteria, but I believe you could do it yourself. In fact, cloud-based
R&D Tax Incentive compliance programs exist to simplify this complexity!
There’s money from the Government available. If you qualify, your entitled to it! Don’t leave money on the table, unless of course you’re happy with how the Government decides to spend it.
For further information you can view our site www.abalegalgroup.com.au or contact Andrew Antonopoulos on andrew@abalegalgroup.com.au
