Research & Development Tax Incentive
Written by Vanessa Williams on May 27th, 2019.
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This year the Government is working to introduce a new tax incentive for businesses conducting research and development, the research and development tax incentive (RDTI). The RDTI will give businesses a 15% tax credit if they spend a minimum of $50,000 per year on eligible R&D. Businesses spending less than $50,000 may still be eligible, so long as they are using an approved research provider to carry out their R&D. The Taxation (Research and Development Tax Credits) Bill is about to go before Parliament for its Second Reading. If passed into law, the RDTI will take effect from the beginning of a business’s 2019/2020 income year.
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