Quality Australian livestock – it is one of our national icons that is quintessentially Australian, along with vegemite, football, and pineapple on burgers. In fact, last year alone, Australian livestock products were shipped to 150 different countries.
Indeed,
Australia is competitive in producing quality meat, which according to Dr Barnard, the General Manager of Trade and Economic Services for Meat and Livestock Australia, is due to having the best practices.
However, it could come as a shock to several that activities characteristically related with agriculture and farming can qualify for the research and development (R&D) tax incentive. With developments in the food sciences and the concern of feeding an increasing population, those in the agriculture industry have the opportunity to claim and profit from the widespread tax incentive.
In fact, the R&D Tax Incentive is the biggest scheme in Australia that aids businesses participating in research and development. Over $1.8 billion is granted annually and it is not competitive – in other words, if you are eligible then you are permitted to it. The classification is deliberately comprehensive as the Government wishes to support R&D across various business and industry sectors. Thus, highlighting the fact that it’s not just about ‘white lab coat’ research, but rather, encompasses all types of research and industries.
Moreover, farming and agriculture have a surfeit of prospects for experimentation, such as disease control, irrigation, new product development, more proficient or economical harvesting techniques and soil development.
Overall, numerous businesses are missing out on the government incentive for R&D benefits purely because they did not know whether or not they were eligible for the incentive. In light of this, providing guidance to you on what undertakings are eligible, and facilitating you to comprehend the business benefits and key features of the offset, is what AusGrant do best. Contact us today to find out more or if you could be eligible for generous tax benefits.
