R&D Tax Incentive Expenditure: What's In & What's Out?
The R&D Tax Incentive (RDTI) program is a popular, broad-based funding program that covers a diverse range of industries and experimental work. It allows companies to offset certain costs incurred on eligible research and development activities each year. However, not all expenditure can be claimed, and there are a range of expenses that are excluded from being eligible R&D expenditure under the program.
Bringing Forward the R&D Tax Incentive and The Role of R&D Financing
For many Australian innovators, research and development is both the lifeblood of their business and one of its largest expenses. The R&D Tax Incentive (R&DTI) is designed to offset some of these costs, returning up to 48.5% of eligible expenditure to small and medium enterprises as a refundable tax offset. However, the timing of this refund can present a challenge. R&D financing has emerged as a way to address this timing gap.
Reviewing the latest data on Australia's innovation performance.
The outcomes from the latest Australian Innovation Statistics appear positive at first glance. In case you missed it, we provide a summary of the highlights from this recent report. We also dig a little deeper to see that despite some positive indications, there are some concerning signs regarding Australia's innovation performance that should provide pause for thought and consideration of how businesses undertaking R&D can be better supported.
Streamlining R&D Tax Claims for Clinical Trials in Australia
Clinical trials have long been viewed favourably under the R&D Tax Incentive Program. To recognise this, the program offers an efficient registration process for trials registered with the Therapeutic Goods Administration, reducing the administrative burden for biotech companies. This streamlined approach, along with support through Advance Overseas Findings (AOF), empowers Australian biotech firms to innovate and lead on the global stage.