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Earlybird get the worm – R&D Tax and Export Grants

Getting in  early can make a significant impact on your companies cash flow when it comes to grants.      

The R&D tax Incentive scheme  (45% refundable tax rebate or 40% non refundable for companies with over $20m revenues) will be open for  Registration on  1 July 2013 for companies wishing to claim Research and Development expenses from the 2012-13 tax year (for companies with standard accounting tax year).    Registration is compulsory every year and must be competed to obtain a registration number prior to filing your company tax return.  To maximise your opportunity ensure that you make all payments to Associates/Directors prior to  30th June.   Companies set up as trust structures are not eligible for R&D tax but should consider speaking with an accountant about R&D tax eligible entity structures  prior to 30th June.  Remember you do not need to be making a profit to get a rebate. 

EMDG, Export Market Development Grants ($150k  max per year)  will be open from  1 July 2013 until 30th Nov 2013 for companies wishing to claim marketing expenses for the 2012-13 tax year.   Grants applied for at the start of this period are generally processed within  5 weeks of submission.   Grants submitted later will not be processed for up to 5 months due to high grant processing workloads.  This scheme is a evidence and cash based which means that only payments  and reimbursements made prior to  30th June will be eligible.    Remember you do not need to be actually earning export dollars for year 1 or year 2 of your applications.

Contact Pyksis now for expert assistance in getting your grant applications in early and maximise your cash flow for the new financial year (ph) 03 9826 6995 or info@pyksis.com