info@bourkehood.com.au
Science
Industry Innovation and Science Australia (AusIndustry) and the Australian Taxation Office (ATO) are jointly responsible for administering thetax incentive in Australia.
Booming sectors of science include:
Veterinary Science
Veterinary Science
Agriculture
Agriculture
Food Science
Food Science
Sports Science
Sports Science
Chemistry
Chemistry
Renewable Energy
Renewable Energy
CURRENT INSIGHT
“The reality is many companies feel as if they need to be the next Google and develop cutting edge technology to access R&D Tax Credits. Little to their knowledge, the R&D scheme requires a company to ‘overcome technical uncertainties’ whilst ‘seeking an advance in science or technology. Therefore, it is a lot broader than what people think. At BourkeHood, we are on a mission to deliver and simplify this process to as many companies as possible”.
Eligibility Criteria
Applications can be made at any time and must be within 10 months of the end of the income year. Eligible costs include salaries, contractor costs, depreciation, materials, overheads (rent, travel, insurance, electricity, utilities, telephone & internet etc).
To qualify, you need to be a limited company incorporated in Australia, subject to Australian Corporation Tax, and have spent a minimum of A$20k on development costs related to the R&D activity.
The company’s turnover must be less than AUD 20M.
The company must be working on new or improved Products/ Processes/ Systems/ Platforms/ Machinery etc, must bear financial risk in the process, and the staff involved in R&D activities must be expanding their technical knowledge.
The company must be able to provide sufficient documentation to show the systematic approach undertaken and the technical challenges encountered.
Qualifying Areas include:
Development
Developed an innovative product, service, device or process,
Outsourcing
Outsourced research activities (Qualified Research must take place in California in order to qualify for the California credit),
New Technology
Licensed new technology and tried it on a trial basis.
Problem Solving
Attempted to solve an industry-wide problem
Trials
Completed trials that led to lost goods.
New Knowledge
Other activities intended to generate new knowledge.