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R&D tax credits paid quarterly

September 2012

The Government has released a discussion paper on the opportunity for small to medium sized companies to claim their R&D credits on a quarterly basis.

 The R&D tax incentives provide small to medium companies with a refundable tax offset for eligible R&D expenditure upon lodgement of their income tax return. The issue with the current rules is that there can be a significant time difference between paying for R&D expenditure and claiming the tax refund. This means the benefit of some R&D expenditure may be delayed for more than 12 months.

This proposed change will allow eligible taxpayers to claim the credits on their business activity statement every quarter rather than having to wait until they lodge their income tax return for that year. This can substantially improve the cashflow benefit for these taxpayers.

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Last updated September 2012. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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