Posted , October 26, 2013.

We’ve got some good news for your business. You may be eligible for a 150 % tax deduction from the Australian Government. 

Could your company be eligible for some cash back from the government?

As of 2012, the ATO’s research and development (R&D) tax concession has been replaced with the R&D tax incentive.

The R&D tax incentive offers refundable or non-refundable tax offsets to encourage R&D – which means more money for your innovation programs.

You may be eligible for a refundable tax offset of 45% off your R&D spending as part of your income tax return if you are:

  • A small to medium enterprise
  • Have an annual aggregate turnover of less than $20 million;
  • Are not controlled by income tax exempt entities.

That’s a deduction of 150%.

A 40% non-refundable tax offset will also be available to companies with an annual aggregate turnover of $20 million or more.

That’s a deduction of 133%.

Unused offsets may potentially be carried over for use in future income years.

What can ASV Partners do for you? 

We offer expert accountancy and taxation advice to a range of aspiring SMEs and individuals. We offer a no obligation quote to determine your eligibility.

And we won’t charge you if your entity does not meet the criteria. 

Call us today on (03) 9587 9747 to find out whether you are eligible.