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The deadline for submission of applications for registration ( section 39J ) for the R&D Tax Concession for the 2009-10 income year for June balancing companies is Monday 2nd May 2011 ( Queensland applicants get an extra day due to a public holiday where the deadline has been extended to Tuesday 3 May 2011).
The R&D Tax concession is available to all Australian companies and offers the following:
• a tax deduction of up to 125% of expenditure incurred on R&D activities
• an R&D Incremental (175% Premium) Tax Concession for those companies increasing their R&D expenditure and who have a three-year history of registering and claiming the 125% Tax Concession.
The R&D Tax Offset is available for companies whose expenditure exceeds $20,000 per income year and
• has a grouped expenditure on R&D undertaken in 2009-10 that is up to $2 million.
• annual group turnover is less than $5 million.