The Australian government offers R&D Tax Incentives for those who are involved in developing innovative technologies in the country. This is the government sets aside more than $2 billion each year to support R&D and innovation in Australia. Everyone is welcome to benefit for this incentive and it will transform the way you live for sure. While it is possible for many companies and individuals to benefit from the incentive, cashflow can prevent companies from enjoying it. This has been an issue for a very long time and many companies are negatively affected by that limitation already. With the help of Rimon’s R&D tax incentive grant, the problem of cashflow will never be an issue anymore.
Continue reading to learn more about the many benefits of the incentives
The many benefits
If you record a turnover less than $20 million, then you can enjoy benefits up to 43.5% add the loss is refundable. If the turnover of your company is higher than $20 million, on the other hand, you can get benefit up to 38.5%. The loss in this case is, however, non-refundable. It does not matter if your company is big or small, you can always benefit from the Rimon’s R&D tax incentive grant. Bear in mind that the incentive is not specific to any particular industry. This means that your company can benefit from it irrespective of the industry you belong to. So, this is an opportunity you must not pass on for any reason.
While the incentives are open to all companies, you need to understand that your company must first be incorporated before you can stand a chance to benefit from the incentives. Your company must also be non tax-exempt. Needless to say, the company must be domiciled in Australia and originating from the country.
Who can benefit from the grant?
The grant is open to all and sundry. Some of the sectors that can benefit from it are highlighted below. So, you can benefit from it if your company belongs to any of these industries:
- Food & beverage
- IT & software
- Health & medical
The main purpose of the grant is to strengthen the beneficiary companies towards helping them to grow faster and create more employment for others. At the end of the day, the economy of the country will be boosted a great deal and Australia will be able to compete favorably with other countries with stable polity and vibrant economy. The financial aspect is handled by the ATO; the organization is also responsible for administering the mechanism used. You are welcome to register for the grant if your company is domiciled in Australia. The registration process is very easy and straightforward also.