R&D tax incentive online eligibility and calculation tool

August 2012

AusIndustry has released an eligibility tool that will help companies determine whether they are eligible to register for the Research & Development tax incentive. These new rules apply from 1 July 2011 and require companies to apply to AusIndustry for approval of a company's R&D activities.

Using this tool, companies will be able to self-assess whether their R&D activities will be eligible for the tax incentives. This can avoid unnecessary costs associated with applications that may turn out to be unsuccessful.

The ATO has also released a tool which can help taxpayers calculate a company's entitlement once they are registered for R&D tax incentives. This tool can help determine the amount of the R&D tax offset claimable in the company tax return.

 

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Last updated August 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.