Published on 23 May 13
by TASMANIAN DIVISION, THE TAX INSTITUTE
Many business principals are not aware that they are entitled to the concession, while practitioners are generally unaware of the business’s activities that might qualify for R&D. The R&D tax concession can apply to any company that undertakes research on products, processes or inputs where the outcome is not known. Under the recently revised rules, a business undertaking R&D can effectively get cash tax rebates even where they are paying no tax in that year. This would apply to many involved in the production of beer, spirits, wine and cider.
This paper commences with a brief overview of the R&D tax concession and then uses a number of case studies to show the practical application of the R&D tax concession to businesses that are down the end of the dirt road. It covers:
- R&D 101: the recent changes summarised
- what constitutes R&D now?
- R&D in pots, stills and barrels: in-the-ground and above-the-ground opportunities
- R&D opportunities arising from the trendy and rapidly developing organic product market.
Tony has more than 20 years' experience in the indirect tax field, recently taking up a consulting role with RSM Bird Cameron in Perth. Most of his work is in the areas of GST, Payroll Tax and fuel Tax Credits. For several years he sat on the Western Australian State Revenue Liaison Committee as part of his role as Chairman of the Taxation Committee at the WA Chamber of Commerce and Industry.
- Current at
22 March 2016