On 7 May 2019 Government established a new tax incentive aimed at encouraging more business investment in research and development.
The Research & Development Tax Incentive will be available to eligible businesses from the 2019/20 income year. It features a 15% tax credit on up to $120 million of eligible expenditure.
The existing Research & Development Loss Tax Credit will continue to be available for eligible companies.
Use the R&D Tax Incentive eligibility tool - This tool will help you determine if your organisation and activity may be eligible.
Start keeping records - If you may be eligible to claim the R&D Tax Incentive, start keeping records now. See the Guidance to learn what you need to keep.
You can now enrol for the R&D Tax Incentive through your myIR account. Choose the I want to tab and R&D Tax Incentive enrolment. Once enrolled, you'll have access to the R&D Tax Incentive workspace where you'll be able to complete the required forms to claim the tax credit.
If you indicate that you would like contact from us, we'll be in touch within 10 working days.
We're working to develop information and tools that will help you:
We'll post updates on this page as they are made.
Businesses must spend more than $50,000 on eligible R&D in a tax year to claim this new tax incentive, unless they use an approved research provider.
If you carry out research and development activities for other businesses, you can apply to become an approved research provider by:
We'll publish the names of research providers that we have granted approved research provider status.