Morning Startup: R&D tax incentive Explained
Stephen Carroll is a Director of the Perth tax services division of RSM Bird Cameron and provides specialist R&D tax incentive and innovation consulting services. Stephen commenced his career in 1999 and has provided advice across Australia to a diverse range of industries, from start-up innovators to large multinational corporations.
The R&D tax incentive is the Federal Government’s primary support program for innovation. It is an eligibility, retrospective claim based program, whereby eligible Australian companies register and claim the benefit. It is based on the principles of self-assessment, followed up with a comprehensive compliance review process by the appropriate Government bodies.
Many people still do not realise that R&D tax applies to “real world” innovation, not just high tech science projects. Companies developing and improving products and processes are equally eligible.