The R&D Tax Incentive is the Federal Government main incentive program designed to incentivize Australian based companies to innovate and develop new products, processes and services across any industry sector. If your research and development activities carry financial risk associated with technical or scientific risk you are probably eligible to receive a benefit.
Don’t be fooled into thinking that R&D is restricted to pure scientific invention. If you are undertaking experimental activities for the purpose of generating new knowledge, it makes no difference if you’re working in a factory, office, laboratory or out of your garage as you may qualify for a tax offset which is payable in cash if your business is a start-up or under $20m in annual revenue.
Download our guide for Understanding the R&D Tax Incentive here