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This article is presented to you by Ian Hallett.

Ian Hallett is a Chartered Accountant with over 15 years experience in public practice in Canberra, including over 3 years as a Senior Tax Manager with Ernst & Young. He commenced practice as Halletts in 1996 and is actively involved in tax and business development consulting. Ian also provides strategic and system-related advice to our clients.

Research & development (R&D)

Are you involved in research & development to create new or improved materials, products, devices, processes or services?

Did you know that you can claim 125 per cent and up to 175 per cent tax deductions for eligible expenditure in certain circumstances?

In order to be eligible you need to register for the income year with the Industry Research & Development Board and meet the minimum R&D threshold expenditure of $20,000 or contract your R&D to an approved Registered Research Agency. You also need to have a R&D plan.

Detailed information about the R&D Tax Concession is available in the Guide to R&D Tax Concession on the AusIndustry website www.ausindustry.gov.au

If you would like more information on how to claim a deduction for R&D talk to us.

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Disclaimer:

The contents of this Bulletin are general in nature. We therefore accept no responsibility to persons acting on the information herein without first consulting us.