Business Advisory Services Updates
In the Federal Budget, released last week, the government has made significant changes to the Research & Development Tax Incentive rules, thus reversing many of the changes that the government had proposed in its previous budget, which have been stalled in the Senate.
The government has announced a new commitment of up to $2B to Research & Development Tax Incentive.
The changes include the scrapping of the $4M refund limit for companies with annual turnovers of less than $20M.
The refundable R & D Tax Offset for small companies (turnover under $20M annually) will be set at 18.5% above the claimant's company tax rate, up from the 13.5% proposed in the Bill that was stalled in the Senate.
Research & development advice is a segment of Business Advisory Services that accountants can deliver to SMEs.
ESS BIZTOOLS has a Research & Development Product Package to assist accountants/tax agents to deliver professional advice to their clients.
Book a Demo - https://go.essbiztools.com.au/3-schedule
Watch out for the next episode of "Accountant's Minute" or subscribe to the podcast on iTunes for more news, ideas and tips on providing outstanding non-compliance services to SME clients.
Episode 003 - R & D Incentive Receives Strong Endorsement by Government
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