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R&D Tax Claims Are Worth Thousands
Your cash benefit depends on the size of your company and the financial year. The more you spend and claim, the more you get back! Let us show you with a few real examples what you can easily get:
Example 1: Small Manufacturer gets over $100,000 in R&D Tax Offset support
A “quiet” year for this small company still led to a great R&D result after it calculated all the labour costs, consumables and plant depreciation that it had spent on its new product development. With turnover under $5 million and in a tax loss position, the company accessed the R&D Tax Offset program which returns 37.5% of every $1 spent on R&D during the year. Needless to say that the cheque for just over $100,000 helped enormously.
Example 2: Small Engineering Firm Reduces Tax Bill to $0 With R&D Tax Concession Help
Although a government grant helped with business costs it also meant this small engineering firm now had a tax bill to deal with. Fortunately it was able to put together an R&D Tax Concession claim for its new product development work and the additonal tax deduction of 25% for every $1 in R&D expenditure identified made the tax bill disappear.
Example 3: R&D Tax Offset Keeps Software Business in Business
Investing large sums of time and money into a new software product means that income can be scarce and bills difficult to pay. However that same time and money can also add up to a reasonable R&D Tax Offset claim returning a cheque worth 37.5% of every $1 identified as R&D. That cheque for over $110,000 now pays the bills and keeps this software business in business until the venture takes off.
Example 4: Small R&D Tax Offset Claim Provides Welcome Cash Injection
A small manufacturer did not invest large sums in its process development so was surprised when it realised its time and money spent over the year added up to more than the $20,000 minimum R&D Tax Offset claim threshold. Its R&D Tax Offset claim led to a cheque for $18,000 providing a welcome financial boost to its business. Even better was the ease of the claim process using the cost-effective R&D Application Wizard to put together the claim in less than a day.
These examples are for the R&D Tax Offset and R&D Tax Concession programs available in the 2010 and 2011 financial years. The New R&D Tax Credit potentially starting in the 2012 financial year will likely mean an increase to these benefit percentages up to 45%.
Not sure how much you could get back? You will be surprised at how much can be claimed as R&D Expenditure. Our R&D Eligibility Wizard will let you know how much you could be looking at, and our Calculations Template will help you add it up.
