For every $1000.00 you invest in R & D you get $450.00 back. You may not be doing R & D in your business or may not own a business. But could you refer your friends/ business associates given how much it means to them? Let us explain…
We have a client who is in manufacturing. Within the 2013-2014 tax year they have carried out $100,000 (more or less) of Research & Development (R & D) activities. Research & Development is when you manufacture something for your clients which is not already around at the moment. It could be:
(1) A new type of child’s swing or slide. For example, you manufacture children’s playgrounds.
(2) A new type of laundry detergent. This could be manufacturing of cleaning products.
(3) A new type of “U” Bolt. Your business makes bolts or nuts.
(4) A new program or a piece of software.
(5) A new service (the new Google)?
Here is the serious part:
If you don’t lodge the R & D activities by the 30th April 2015, then any R & D activities for the whole year of 1st July 2013- 30th June 2014 will be wiped and you will lose 45% of what you have spent. The R & D activities need to be lodged through AUS industry 10 months after the financial year ends. Completing the rebate/ expense part can come later. You need an ‘AUS Industry’ number to lodge a claim for R & D activities. We can assist you with this when you call us on 03 9848 5933
Now back to our client…
He will make $45,000 approx, that is 45% of all R & D activities from the 2014 tax year back as tax rebates. If he doesn’t lodge them and he hasn’t, he will miss out. Who wants to miss out?
Here is how you can help:
If you don’t want your friends miss out, then refer them through to us. If you are in a manufacturing business you have 4 days to get back to us so we can help you lodge these activities.
What is the cost?
The question really is, do you have the time to jump through the government’s hoops/ hurdles and what if you do it wrong. If it took us 5-10 hours, which it will and you got a returned 45% of all R & D activities would it be worth it?
Give us a call on 03 9848 5933 or make an appointment here and see if we can help you get some tax rebates.