The government has released new guidelines to help businesses claiming funding for software development through the research and development (R&D) tax incentive.
The end of financial year rush may still be a few months off, but April 30 should be circled in bright red on every startup’s calendar: it’s the last day to submit your R&D Tax Incentive claim.
Review of R&D Tax Incentive calls for $2 million cap on cash refund for startups and smaller businesses
A review of the R&D Tax Incentive has recommended the Government cap the R&D cash refund available to startups and small to medium enterprises at $2 million annually, while doubling the expenditure claim threshold of large corporates to $200 million.
When it comes to government incentives for startup companies, you can’t underestimate the value of the R&D Tax Incentive for a growing business. Founders pushing the boundaries when it comes to the types of technology they building can often find comfort in the fact that leveraging the incentive can in fact help with cash flow, assist them in knowing where to direct budget, and serve as a safety net for the business during research and development projects.
Serial entrepreneur Paul Breen says startups should learn to appreciate the availability of the R&D Tax Incentive
Serial entrepreneur Paul Breen started out his career working in various large companies for the first ten years of his working life. A decade into working in corporate environments, he decided that it wasn’t what he wanted to do for the rest of his life and started to look around for opportunities that would allow him to get into business.