Research and Development for large businesses only?
Business Advisory Services Update
This is a myth!
Companies with turnovers under $20M were expected to earn $2.54B in 2022/23 as being the value of the Refundable Tax Offset that is available for companies which have spent legitimate Research and Development (R&D) expenditure, have submitted the required documentation to AusIndustry and claimed the expenditure in their income tax return.
The refundable tax offset is 43% of the R&D expenditure. This implies that the TOTAL R&D EXPENDITURE R&D by SMEs was $5.9BILLION.
The R&D rules are stipulated in the INCOME TAX ACT – the favoured legislation for many accounting firms. So why do some accountants avoid R&D questions?
This week, we will explore R&D which can lead to the development of some great products, services and processes and also supply much-needed income tax benefits for SMEs.
