If you are thinking of applying for a Research and Development (R&D) tax incentive, a new checklist has been developed to help you get started.
The R&D tax incentive scheme is administered by the ATO and Ausindustry. The scheme provides targeted R&D tax offsets designed to encourage more companies to engage in R&D.
The new checklist is designed to help companies getting started with R&D, and includes helpful advice to help you access the program. The checklist includes self-assessment of R&D activities and your company’s eligibility to apply, where to source advice on record-keeping for the scheme and how to minimise your chance of making mistakes when you apply.
As well as the checklist, the ATO’s Small Business Newsroom currently includes a link to a podcast by David Wilson from AusIndustry and Scott Parkinson from the ATO discussing the R&D tax incentive scheme in detail.