R&D Tax Concessions

Each year billions of dollars in business grants and other funding programmes are available from Australian governments. These funding opportunities are for business activities such as business expansion, research and development, innovation and export.

I am continually finding that while many companies are endeavouring to improve their operations and products, few are taking advantage of their R&D tax entitlement.

In my experience there are two main reasons for this: Firstly, many companies do not recognise the sometimes inherent nature of ther R&D efforts and expenditure; and secondly, the complexity of eligibility and the application process.

R&D, to some degree, is part of business and is often driven by change within a market/industry or from a conscious strategy to:

• Gain competitive advantage
• Develop more efficient systems and processes
• Improve the company's sustainability performance

Whatever the impetus for improvement, it is a good idea to talk to an expert in R&D Tax Concessions in order to prepare and take advantage of our government's generosity.

The following link will take you to a recent article that looks at the Federal Government's R&D Tax Concession initiative in its current structure and proposed changes for 2011.

R and D Tax Concessions: Current and Future