An important part of the Government's commitment to Research and Development (R&D) is facilitating access by small and medium sized companies to expert R&D services, particularly those residing in public sector research organisations.
The Industry Research and Development Act 1986 provides for the establishment of registered research agencies (RRAs). An RRA is an organisation approved by Innovation Australia (the Board) which is capable of performing contracted R&D, in one or more classes of research activity, on behalf of eligible companies, or through a group of companies who have entered into an collaborative arrangement.
Olitek are accredited and registered as a Registered Research Agency (RRA) for the purpose of performing "contracted" research and development (R&D) to eligible companies claiming the 125% R&D tax concession under Section 73B of the Income Tax Assessment Act 1936.
The advantages of dealing with Olitek as a Registered Research Agency are:
1. Expenditure for Australian R&D work contracted to an RRA, within approved classes of activity, is eligible for the full concession in the year of income, irrespective of the annual R&D expenditure of the claimant, that is the normal annual expenditure threshold of $20,000 is waived.
2. Prepayments for contracted Australian R&D may be claimed by companies up to twelve months in advance of the work being carried out.
3. Small and medium-sized firms are able to undertake R&D programs without having to invest in costly R&D equipment and expertise.
For more information on the scheme please click on the link below :-