For R&D expenses incurred between 1 July 2018 and 30 June 2019, 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.
FY19 refundable tax offset amounts
The offset has two components, for FY19, 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 $1,000,000. Companies that spend over $1,000,000 can see assistance from PwC's R&D consulting business.
See full details of the offset amounts on the ATO website.