R&D tax incentive explained for innovative New England businesses
31 May 2017
Innovative New England businesses attended a two-hour workshop at the University of New England (UNE) Smart Region Incubator on 30 May for a full briefing on the Federal Government’s R&D (Research and Development) Tax Incentive.
Member for Northern Tablelands Adam Marshall said the incubator and its activities were backed by the NSW Government’s $12 million Boosting Business Innovation Program set up to support the state’s 11 universities and the CSIRO to encourage greater collaboration between research organisations and businesses.
“The UNE Smart Region Incubator is providing a launch pad for SMEs and startups to boost innovation and growth by providing access to research data, a collaborative working environment, and by holding workshops, networking events and training programs,” Mr Marshall said.
The workshop saw participants guided through the R&D Tax Incentive process by an experienced technical writer, accountants, and also a business experienced in using the process.
The R&D Tax Incentive aims to encourage businesses to conduct more research and development to help them to be more competitive.
The tax offsets available depend on a company’s annual turnover, and the workshop offers interested companies a chance to be guided through the process.
“Many firms see R&D as a cost and a risk but the incentive helps companies reduce their income tax liability on costs incurred on eligible activities when they are creating new or improved products, processes and services,” Mr Marshall said.
“More R&D in our region means more successful businesses and more jobs.”