Research and Development
Research and Development (R&D) is conducting systematic, investigative and experimental activities that contain innovation or high levels of technical risk and are conducted for the purpose of acquiring new knowledge or creating new or improved materials products processes or services. But what does that mean? It could be translated to: R&D is the development of new or improved products, processes or services that include a level of technical risk.
R&D is using a trial and error process to discover something unique.
The Australian government grant programs are always being changed and updated so it can be difficult for a busy business manager to keep track of what is available. The professionals at Pattens Group are familiar with all of the 700+ grants that are currently being offered and what it takes for an application to be successful. Let us share our 30+ years of experience with you when we find a government grant for your business. Contact us today for a free no-obligation consultation.
There are hundreds of grants available, so even if you don’t find what you are looking for you may still be eligible for an unlisted grant or private funding.
Research and Development (R&D) is crucial to innovation and discovery, laying the groundwork for technical improvements that lead to greater productivity and growth. But as any business owner knows, R&D comes with significant technical risk.
The uncertainty surrounding the success of R&D ventures means business owners are on the side of caution, choosing instead to channel their resources towards projects that are more likely to produce results.
Australian businesses often underinvest in R&D due to lack of research funding and the inability to leverage the true benefits of research projects – findings often leak to competitors, eliminating any edge that successful R&D might have given business owners over others in the industry.
And yet the role of R&D in creating business value and furthering Australia’s prosperity is undeniable.
The Australian government encourages businesses to assume the risks of R&D projects by offering more certainty. This comes in the form of an R&D tax incentive to offset the costs of such projects. TheR&D grant allays business owners’ initial reasons for not investing in research.
If you’ve always wanted to invest in R&D, this is the time to do it. Minimise risk with support from the government. Pattens are here to assist you.
With over 30 years grants experience, our staff will help you take full advantage of the R&D tax incentive. Your business has everything to gain and nothing to lose.
The key to unlocking the benefits of the R&D Tax Incentive is assessing your eligibility, registering R&D activities and claiming your tax offset. Since it is a self-assessment program, you are responsible for compliance so you need an experienced, qualified grants specialist like Pattens.
We can determine whether your R&D activities meet the criteria for tax offsets and prepare your application.
The tax incentive covers innovations which include Core and Supporting activities:
Core R&D activities are performed with the intention of creating new knowledge in the form of improved processes, products, services, materials, and devices, just to name a few.
Supporting R&D activities on the other hand, are directly connected to core activities or are performed with the main goal of supporting core activities.
Business owners who are unsure of their eligibility can get assistance from our knowledgeable staff. The advice you receive will depend on your project and unique circumstances.
To enjoy the tax benefits, you must register all R&D activities :
1) For each income year you intend to claim tax offsets,
2) Within 10 months of each income year’s closing, and
3) Before lodging your income tax return.
We have lodged thousands of successful R&D Tax Incentive applications. Contact us today to find out how we can help you or for more information.
The R&D Tax Incentive offers tax free cash and offsets to encourage more businesses to invest in R&D.
It has two main components:
- 43.5% tax offset (refundable) – To qualify, R&D entities must have an aggregated turnover of $20 million per annum or less and must not controlled by any income tax exempt entity.
- 38.5% tax offset (non-refundable) – For other R&D entities, which may carry unused offset amounts over to forthcoming income years.
The rate of the tax offset is reduced from the tax rate for the amount of R&D deductions exceeding $100 million for that particular income year.
The Australian Taxation Office and the Department of Industry, Innovation and Science administer the R&D tax incentive program.
The team at Pattens can assess your projects and identify the valueof R&D Tax Incentive for which you are eligible.
Accelerate your R&D projects with research and development grants. Our staff specialize in innovation grants for Australian businesses. To experience the full benefits of research funding it only requires the proper guidance and advice.
When you come to Pattens for support, we offer a Free Report matching your business against 1000+ grants available in Australia. Once we’ve identified them, we can help you make prepare a compelling application.
With support from research grants, Australia businesses can conduct R&D activities that they may not be able to execute otherwise. It also incentivizes small businesses to invest in R&D.
Our role is to make the entire process less complex for business owners who might not have enough time or familiarity with the program to do self-assessment and compliance on their own.
By providing you with the right knowledge, tools, and support, we help you jumpstart your R&D projects.