Research and Development (R&D) system
- Video Training URL: Visit Website
- Video Date: 2024-07-05
5 July 2024
This webinar is to help members of ESS BIZTOOLS get familiarised with the Research and Development (R&D) system and how you can utilise the ESS BIZTOOLS’ R&D Full Package to be able to provide sound advice and assistance to your SME clients.
A recent report by the Department of Industry, Science and Resources indicated that the estimated ‘refundable offset’ for “companies with an annual turnover of less than $20M in 2022/23” would be $2.54B.
The cost for the Government is the Research and Development (R&D) Tax Offset, which is 43% of the R&D expenditure. This means that the total expenditure on eligible R&D activities by these SME companies would be $5.83B.
This level of investment by SMEs highlights the significant R&D activities that are being conducted. Furthermore, these figures highlight the real importance of R&D advice and assistance for SMEs.
Unfortunately, many accounting firms do not supply these kind of advice.