Registration for R&D Tax Incentive now open
Australian businesses can now access the R&D Tax Incentive program to help with the costs of innovation. The R&D Tax Incentive will support firms of all sizes in all sectors to invest in research and development.
Businesses can now register to receive the R&D Tax Incentive for eligible activities undertaken in the 2011-12 income year.
"The R&D Tax Incentive is a generous, targeted, and easy to access program that offsets some of the costs of doing R&D so that more businesses innovate," said Greg Combet, the Minister for Industry and Innovation.
"We know that innovation is important - ABS statistics show businesses that innovate are twice as likely to boost their productivity and are 2.5 times more likely to increase staff.
"More businesses doing R&D will strengthen Australia's innovation culture and secure our nation's economy into the future."
For businesses with a turnover of less than $20 million, the R&D Tax Incentive doubles the rate of support compared to the old R&D Tax Concession. For all other businesses the R&D Tax Incentive increases the support available by a third.
AusIndustry is holding registration-ready workshops to help SMEs, first time registrants and smaller consultants/tax agents better understand and register for the R&D Tax Incentive.
A smart form is now available so that Australian businesses can register for the new R&D Tax Incentive.
The registration smart form is available at www.ausindustry.gov.au, together with detailed guidance material and the details of upcoming workshops, or contact AusIndustry on 13 28 46.