$2.54B claimable by SMEs
Business Advisory Services Update
A recent report by the Department of Industry, Science and Resources indicated that the estimated “refundable offset” for companies with an annual turnover under $20million was $2.54B.
This means that the total expenditure on eligible R&D activities by these companies – which would primarily be classified as SMEs – would be $5.83B.
This level of investment by SMEs highlights the significant R&D activities that are being conducted.
ESS BIZTOOLS will be presenting a webinar today – Research and Development – Do You Want to Know More? This webinar will highlight a number of items for consideration by accountants, including:
- Are you advising clients R&D?
- How does the R&D system operate?
- ESS BIZTOOLS Research and Development Product System
- R&D process flow
- Getting ready to start
- Undertaking R&D work
- R&D offsets available – a “refundable offset” is available for companies with turnovers under $20 million
- R&D offsets available for companies with turnovers over $20 million
- R&D advice opens other opportunities for accountants
An awareness of R&D taxation offsets assists accountants to mentor clients on a range of other activities, including preparation of business plans, predictive accounting reports and advice on raising capital. ESS BIZTOOLS has product packages on each of these items to assist accountants.
Visit www.essbiztools.com.au to find out more about the services that ESS BIZTOOLS offer, including our current new financial year special on our product packages.
