Research & Development Expenditure - Companies
If you have undertaken research and development projects exceeding $20,000 in aggregate during 2008/09, then you are able to register with AusIndustry prior to 30th of April 2010, to claim aggregate research and development expenditure at 125% and, in some cases, at the higher rate of 175%.
To be eligible to claim the research and development expenditure, the business entity must be a company, should have prepared a Research & Development Plan for each research and development project and to have kept cost records and manpower allocation records to substantiate the research and development claim.
Now is a good time to review the records that you have kept for research and development and ensure that your registration is lodged well before the due date. If you are a small company (with a turnover under $2m, with expenditure on R&D under $1m and trading at a loss), then you are entitled to a tax rebate calculated at 37.5% on the research and development expenditure and, in some cases, that rebate can be as high as 52.5%. The rebate will be paid by the Australian Taxation Office within 30 days of your tax return for the year ended 30th June 2009 being lodged.
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If you have undertaken research and development projects exceeding $20,000 in aggregate during 2008/09, then you are able to register with AusIndustry prior to 30th of April 2010, to claim aggregate research and development expenditure at 125% and, in some cases, at the higher rate of 175%.
To be eligible to claim the research and development expenditure, the business entity must be a company, should have prepared a Research & Development Plan for each research and development project and to have kept cost records and manpower allocation records to substantiate the research and development claim.
Now is a good time to review the records that you have kept for research and development and ensure that your registration is lodged well before the due date. If you are a small company (with a turnover under $2m, with expenditure on R&D under $1m and trading at a loss), then you are entitled to a tax rebate calculated at 37.5% on the research and development expenditure and, in some cases, that rebate can be as high as 52.5%. The rebate will be paid by the Australian Taxation Office within 30 days of your tax return for the year ended 30th June 2009 being lodged.
To return to the original newsletter, please click here.
To return to the Rogerson Kenny homepage, please click here.
To contact us for more information on this topic, please call (03) 9802 2533 or click here.
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