The R&D Tax Concession allows companies to deduct up to 125% of qualifying expenditure incurred on R&D activities when lodging their corporate tax returns. A 175% Incremental (Premium) Tax Concession and R&D Tax Offset are also available in certain circumstances.Applications can be lodged online or through any AusIndustry office.
The deadline for submissions for the R&D Tax Concession for the 2007-08 financial year is 30 April 2009.
For further information about the R&D Tax Concession and to lodge an application, visit the AusIndustry website or phone the AusIndustry Hotline on 13 28 46.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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very GOOD!!! =)