Tax basics for small business

Research and development tax concessions

If you operate a company and you incur R&D expenses, you may be eligible to claim a tax offset or a tax deduction to reduce your assessable income. The concession includes increased deduction rates.

You can only claim the tax concession for expenses you incur on eligible R&D activities. The Industry Research & Development (IR&D) Board and AusIndustry decide which R&D activities are eligible. You must be registered with the IR&D Board through AusIndustry for each year you want to claim the concession.

For more information about R&D expenditure and claiming the concession: refer to Research and development tax concession schedule instructions (NAT 6708) Guide to the research and development tax concession phone us on 13 28 66.

Sections within Tax concessions for small business

• General concessions
• Primary producers
• Income averaging for special professionals
• Research and development tax concessions