For R&D expenses incurred between 1 July 2017 and 30 June 2018, the refundable tax offset is 43.5% for companies with an annual turnover of $20mil or less
The R&D Tax Incentive is designed to encourage more companies to engage in innovation and R&D. Australian companies that engage in research and development activities may be eligible for a refundable tax offset.
FY17 refundable tax offset amounts
The offset has two components, for FY18, these are:
- For companies with an aggregated turnover of less than $20,000,000 can be eligible for a 43.5% refundable tax offset
- Other entities with an aggregated turnover of more than $20,000,000 can be eligible for a 38.5% refundable tax offset
Nifty Grants supports companies with an R&D spend of $20,000 up to $500,000. Companies that spend over $500,000 can see assistance from PwC's R&D consulting business.
See full details of the offset amounts on the ATO website.