Research and development tax incentive - clawback adjustment

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Introduction

The research and development (R&D) tax incentive provides a targeted tax offset to encourage certain companies (R&D entities) to conduct R&D activities that benefit Australia.

It provides generous benefits for companies performing eligible R&D activities and has the following two core components:

• a 45% refundable tax offset for eligible entities with an aggregated turnover of less than $20 million - unless they are controlled by tax exempt entities
• a 40% non-refundable tax offset for all other eligible entities.

The tax incentive replaces the R&D tax concession and is jointly administered by Innovation Australia (assisted by AusIndustry) and us.