Research and Development Tax Incentive

R&D Tax Incentive The Most Common Mistakes in R&D Tax Incentive Application and How to Avoid them

Research and Development (R&D) Tax Incentives are a fantastic way for businesses to recoup some of their costs associated with innovation and R&D. However, navigating the R&D Tax Incentive application process can be tricky, and many companies fall into common traps that hinder their chances of securing the deserved benefits. 

In this article, we'll point out some of the most common mistakes in R&D Tax Incentive applications, helping you avoid these pitfalls and optimise your chances of a successful R&D claim.

R&D Tax Incentive R&D For Industry 4.0 | Aeronautics Case Study

Multiple technical innovations and improvements have swept through the aeronautics industry in the past few years. When combining big data analytics with real time sensors and machine monitoring equipment, businesses are enabled to make informed decisions regarding quality control, maintenance scheduling, and improved production processes. 

Smart robots can access high heat and electrical areas to increase safety on the production floor while increasing the speed of production. Parts can be designed faster and require less materials, resulting in a smaller, lighter, and less expensive parts when additive manufacturing is properly implemented.

R&D Tax Incentive Industry 4.0 | Why It Matters & How You Apply R&D

Technology has transformed the day-to-day operations of society, from how we communicate to how we learn to even how we think.

As a society, we are currently wading through the next wave of the Industrial Revolution which will have far reaching impacts to how businesses and society as a whole operate in the future.

R&D Tax Incentive R&D Tax Incentive: A Checklist For Registering Your R&D Activities

If the financial year for your company ended on 31 December 2022, you have until the end of this month (31 October 2023) to register your eligible R&D activities. Eligible R&D activities must be registered with AusIndustry within 10 months of the end of your income year. If you don't register your R&D activities by the upcoming deadline, you will be unable to claim the tax benefit for eligible expenditures between January 2022 and December 2022.

R&D Tax Incentive Navigating R&D Tax Incentive This Tax Time With Confidence

Businesses with a financial year ended 31 December 2022 have to lodge their application for the Research and Development (R&D) Tax Incentive by 31 October 2023 with AusIndustry. This incentive can generate significant benefits for companies.

R&D Tax Incentive R&D For Industry 4.0 | Software Development Case Study

Data is a huge component of Industry 4.0. As a society we are constantly generating data – transactional data, machine data, social data. In 2021 alone, it is estimated that approximately 79 zettabytes (or 79 billion terabytes) of data was generated. As more and more data is generated, we have the ability to glean insights that have previously been unavailable. The ability to analyse huge datasets has historically been limited by the compute power of your on-premise infrastructure. 

R&D Tax Incentive R&D For Industry 4.0 | Medical Case Study

Technical advancements in healthcare and medical technologies are just as influenced by Industry 4.0 technologies and innovations as other industries. Major advancements in genetics, precision medicine, and diagnostics are driven, in part, by Industry 4.0.

Industry 4.0 advancements pose a challenge to existing regulations, governance systems, and traditional care models.