R&D Tax Incentive – Are you eligible?

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In case you hadn’t heard, or been living under a rock, the Research & Development Tax Incentive is a hot topic in the world of startups in Australia. A lot of additional scrutiny has been placed on the program in the last 12-24 months and there are plenty of scare tactics going on around it.

A few questions answered:

  • Is there an increased risk in applying for the R&D Tax Incentive?
    No. Assuming that you use a reputable provider of these services, the same eligibility criteria applies.
  • Will I get audited if I apply for the R&D Tax Incentive? Perhaps. We are seeing more audit activity than in previous years, but refer to the first point. If you follow the rules, and use someone who knows what they’re doing, you won’t have any problems. 
  • My company is building computer software. Are we eligible? Building or creating software is not a ‘slam-dunk’ in terms of being eligible for the R&D Tax Incentive. Further guidance has been released recently by AusIndustry here.

The deadline to lodge for the 2019 year is fast approaching. If you wish to enter an application for the year ended 30 June 2019, the deadline for this is 30 April, 2020. 

As with all service providers, if you wish to have Interactive Accounting assist with your application, we’ll need to get this started sooner rather than later. Don’t be ‘that’ person and leave it until the last minute! 

Don’t hesitate to contact us with any and all questions you may have on this program. We’re here to help!