2024 Year end tax planning and financial reporting guide - unlocking tax and reporting insights for year end success > Download the full guide
Australia

If your business is engaged in research and development (R&D) you might be eligible to claim a tax offset under the R&D tax incentive.
The R&D Tax Incentive can deliver sizeable tax savings and even refunds of up to 43.5% of your R&D expenditure, where the company is in a tax loss situation.
By using the R&D Tax Incentive, a company with a group turnover of less than $20 million which spends $1 million on R&D in a given year could:

  • Obtain a refund of up to $435,000, or
  • Reduce company tax by $185,000 (where the company is in a tax paying position)

Administered jointly by the Australian Tax Office (ATO) and AusIndustry, the R&D Tax Incentive is Australia’s largest industry incentive assisting nearly 10,000 companies per annum but remains underutilised; mainly due to a lack of eligibility or implementation knowledge.

“Claiming R&D Tax Incentives is not complex and is a self-assessment, rules based program. At William Buck, we deliver you the knowledge, tools and support.”

Operating as a rules based, self-assessment program, applying for the R&D Tax Incentive need not be difficult. In fact, the new rules surrounding eligibility are designed to increase industry participation in this valuable program.
Our specialist tax team offers a range of R&D Tax Incentive compliance services that range from tailored expert advice through to use of collaborative, online project, knowledge and record keeping management systems.
Our service is designed to augment and support your existing skills and knowledge, recognising that the new R&D Tax Incentives rules mandate the need for applicants to take greater control of project and knowledge management to maintain compliance.

Research & Development Tax Incentive​ Specialists

Latest insights from our Research & Development Tax Incentive​ team

Federal Budget 2024 | Key policies at a glance
15 May 2024 | Minutes to read: 4

Federal Budget 2024 | Key policies at a glance

1. Cost of living measures Securing cheaper medicines The Government will provide up to an additional $3b...
Navigating Australia’s new thin capitalisation rules: a guide for multinational corporations
8 May 2024 | Minutes to read: 3

Navigating Australia’s new thin capitalisation rules: a guide for multinational corporations

Australia has introduced significant changes to its thin capitalisation rules this year. These changes aim to prevent...
Tax planning strategies for small businesses
7 May 2024 | Minutes to read: 4

Tax planning strategies for small businesses

While the end of the financial year is fast approaching, there is still time for business owners...