How Speedwell Can Make Your New Financial Year a Little Brighter
While the financial year has ended, there’s still work to be done. Once again we go through the arduous process of finalising accounts and submitting tax returns.
Wouldn’t it be great to get paid to do this?
Actually you can… through the R&D Tax Incentive.
It is highly likely that you can claim up to 150% of eligible spending with Speedwell through this incentive – and the best part is that in certain situations, the ATO will even send you CASH.
Basic eligibility criteria are:
- You must be a registered Australian Company (partnerships, sole traders, trusts are not eligible)
- You must have spent from than $20,000 during the financial year on eligible R&D activities
- You must be creating a new or improved product, device, material, process or service
- You must be undertaking experimental activities (i.e. designs, trials or testing)
The good news is that Speedwell can assist with criteria 3 & 4 – because we have been creating or improving your services throughout the year. This is not just another feel-good initiative from our government! Some of our clients have saved tens of thousands of dollars in tax by applying for the R&D Tax Incentive (and its predecessor the R&D Tax Concession).
So, from all at Speedwell … Merry Tax Concession and a Happy New Financial Year!
Some other useful links:
- http://www.ausindustry.gov.au/Pages/InfoPackSearch.aspx?program=/programs/innovation-rd/RD-TaxIncentive (Information Pack)
- http://rdincentiveeligibilitytool.ausindustry.gov.au/ (Eligibility Tool)