This scheme funds and commercialises your intellectual property, knowledge, and research. You may be able to access a 45% tax credit which can reduce income tax or be provided as cash-back where no tax is payable. Structued Tax guides you through the following steps to access these incentives administered by AusIndustry and the Australian Tax Office:
Identifying eligible R&D activities under the Income Tax Assessment Act 1936 and 1997
Documenting the technical knowledge gap and outlining high technical risk and innovation
Identifying interrelated Core and / or Supporting activities and calculating the eligible R&D costs
Liaising with government departments and stakeholders to ensure accuracy of claims
Assisting with any further queries or audits during the process