The R&D Tax Incentive applies to R&D that will generate new knowledge, that is experimental in nature. It needs to be risky because no one or any information accessible to you can tell you how to solve the problems and meet the objective.
There are six sectors identified by Ausindustry and ATO:
- Agrifood Sector
- Biotechnology Sector
- Built environment Sector
- Energy Sector
- Manufacturing Sector
- Software development Sector
You can use the following link to access the Australian Government Sector Guides for R&D Tax Incentive applicants for more information.
Whichever R&D field you are in, we can help you to optimise your R&D Process and process record-keeping. You will need to align your R&D Processes with the legislation to include the required documentation, you might like to refer to our R&D Process Optimisation eBook.