The R&D Tax Incentive is an Australian Government-backed Incentive Scheme that aims to Drive and Encourage R&D Activities by providing a tax offset.
The R&D Tax Incentive or Research and Development (R&D) Tax Incentive, is jointly administered by ‘AusIndustry’ on behalf of Industry, Innovation and Science Australia and the Australian Tax Office (ATO).
This Scheme also nudges companies to undertake R&D that may not be possible due to immediate concerns about future returns. The R&D Tax Incentive is therefore somewhat of a safety net providing Companies with the opportunity to proceed with R&D bearing a sense of security and optimism.
If you are an aspiring Startup, in this article we ask Does your Startup Qualify for an R&D Tax Incentive in 2021?