Research and Development tax concession
Is your company:
- Turning over under $20million annually
- Trading at a loss
- Out of pocket for investment in Research and Development (R&D) in the 2014/2015 financial year
If so you should be eligible for the R&D tax concession. This gives you access to a cash refund within 30 days of lodging your company’s income tax return. The refund is calculated at 43.5 per cent of your R&D expenditure.
Export market development grant
Have you exported products or explored potential export markets during the 2014/15 financial year? If so you could be eligible for an export market development grant. You do not need to be pre-registered to receive the grant. You must, however, have spent over $20,000 on eligible export activities. Perhaps you have not previously claimed the grant. Where this is the case, you can combine the last two financial years to hit the minimum $20,000 export activities expenditure.
You have until 30 November 2015 to lodge your export market development grant application. But you do not have to wait until this time. You can lodge your grant application any time from now until 30 November.
If you have exported products or explored potential export markets during the year ended 30th June 2015, you could be eligible to claim an Export Market Development Grant. There’s no pre-registration requirement, however the business must have spent in excess of $20,000 on eligible export activities to claim a grant. If you haven’t claimed this grant previously, you can combine the last 2 years to achieve the minimum $20,000 expenditure. The grant payments work as follows:
- Claims up to $60,000: Austrade policy is to pay these grants immediately to businesses
- Claims over $60,000: your business will receive $60,000 as a first installment. The balance will be paid from the available pool of export market development grant funding in May/June 2016.
Could you do with some help in preparing your grant application? At Ganrid Consultants we would be glad to support you in lodging your claim.