“TSM and TD successfully achieve Research Service Provider status for the Ausindustry R&D Tax Incentive.

After being audited by Ausindustry we have successfully met all the criteria and are now a Research Service Provider for R&D activities. This means R&D tax refund eligible Australian entities who use us to provide services will be able to claim all eligible fees toward the tax refund. New tax legislation provides additional incentives for companies investing in Australian R&D.

The Australian Government’s $1.8 billion R&D Tax Incentive provides eligible companies with a tax offset for expenditure on eligible R&D activities for income years commencing on or after 1 July 2011. The two components of the program are:

1. a 45 per cent refundable tax offset (equivalent to a 150 per cent deduction) for eligible R&D entities with a turnover of less than $20 million per annum
2. a non-refundable 40 per cent tax offset (equivalent to 133 per cent deduction) for all other eligible R&D entities. Unused offset amounts can be carried forward for use in future income years”

This will no doubt help our clients budgets, we have also aligned with several companies who can help clients set up projects to meet R&D tax incentive rules. Talk to us about your project and we can help you understand what parts of the project will attract tax refunds. -Robert Tiller

More news