Georgia King-Siem, R&D Tax Specialist, discusses R&D issues that should be on your radar in the lead up to the end of financial year.
For most, 30 June 2016 will mark the end of the financial year (EOFY) and for those investing in innovation, there are a few issues that should be on your radar.
If you are claiming the Research and Development (R&D) Tax Incentive, there are three things you should consider before the end of the income year:
If you are thinking about investing in someone else’s innovation, consider whether any of the new tax breaks might apply. Two commencing 1 July 2016 are:
While many government initiatives are on hold pending the election, the tax incentives above are not and should be part of your innovation FY2016 review and FY2017 planning.