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R&D START GRANTS
R&D Start
Assistance provided :
- 50%
funding provided on the eligible project costs
- Grants
typically range from $20,000 to $5 million (maximum $15 million)
Eligible criteria for
projects:
- the
project must involve research and development (can include related
market research and related product development)
- the
project should be directed to the development of internationally
competitive goods, services or systems
- the
project should be exploited for the benefit of Australia (increased
employment, new technology, value adding, exports etc.)
Research and development
activities are identified as systematic investigative or experimental
activities which involve:
- Innovation
- technology
transfer into Australia
- technical
risk
- must
be carried out in Australia
- project
must result in new knowledge or new or improved materials, products,
devices, processes or services.
Related Product
Development includes work undertaken to:
- improve
performance
- reduce
the cost of the product, process or service
- The
development of prototypes where the primary objective is technical
testing or to make technical improvements.
Eligibility of
Company & Time Frames:
- The
applicants' turnover must be less than $50 million for each of the three
years immediately prior to the year of income in which the application
is made.
- Applications
for grants under $1 million are assessed under this scheme every 6-8
weeks
Applications for grant
greater than $1 million are assessed three times a year.
R&D TAX CONCESSION
R&D Tax
Concession :
- enables
companies to deduct up to 125% of eligible R&D expenditure from
assessable income when lodging their tax returns.
Eligible activities:
- systematic,
investigative and experimental activities which:
- are
mainly carried on in Australia
- involve
innovation or high levels of technical risk
- are
carried on for the purpose of acquiring new knowledge
- activities
must contain adequate Australian content
- results
must be exploited for the benefit of the Australian economy
Eligibility of
Company:
- the
activities must be carried out by or on behalf of the company actually
making the claim
- must
have spent a minimum of $20,000 on R&D activities for the financial
year
- Company
must have records showing labour time and costs, material costs and
machining time and costs etc for R&D activities.
- Register
company with IR&D Board
Time Frames:
Applications
for company registration must be lodged within six months (December) of that
year of income.
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