Each business needs a point of difference. Often that difference will be a new product or a new process. Sometimes, discovering the new product or process will involve years of experimenting - the business will need to be innovative or may need to solve a technical risk before they achieve success. Even when success is achieved, they may need extra cash to see their dreams become reality. This session explored the Research & Development tax concession and the various government grants available to help your client access these benefits.
The R & D tax concession is an entitlement. It is not limited to big business employing "white coats' in testing laboratories. You may be surprised to hear of the types of projects that may qualify for the R & D concession. For example, did you know that one of the biggest claimants of the R & D concession is the banking industry? Maybe your client is also entitled to the R & D concession?
There are also a number of government grants available to help businesses grow - to commercialise a technology or to find a new market. Many of these grants are competitive and it is critical to understand the eligibility criteria for each grant to maximise your client's chances of successfully receiving the funding.