What?
The R&D tax concession allows companies to deduct qualifying expenditure at 125% (normal) or 175% (premium).
For more info about eligibility, check out the Ausindustry website.
Why?
Basically the government is trying to build up the intellectual capital of our country. This acts as a little booster for any companies who willing to do the hard yards.
How?
Since this is a government initiative and specifically the ATO is involved, there may be just a little bit of paperwork….
Its not that bad but the ATO R&D tax concession section has all you need to know.
They have even provided you with an Excel spreadsheet to calculate how much R&D expenditure you can claim in your company tax return.
From the Taxabull team.
#1 provider of Australian tax information on twitter
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