Financial Forecasting Package: Research and Development
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 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.
ESS BIZTOOLS has developed the Research and Development Product Package, which is part of the Financial Forecasting subscription. This package was developed to enable accountants to assist SMEs on the R&D process, to act as their ‘internal auditor’.
We will be presenting a complimentary webinar, on Friday 5 July at 11am AEST, to look into the Research and Development Product Package. CLICK HERE to register.
