SUNSHINE Coast tax business BDO has advised businesses considering claiming under the research and development tax incentive to be aware of the impending lodgement deadlines imposed by the Federal Government.
BDO research and development partner Nicola Purser said many companies never started the process of applying for the tax incentives as they believed it was too costly and daunting.
"Many companies are depriving themselves of potentially hundreds-of-thousands of dollars in research and development tax incentives due to ongoing confusion around eligibility criteria," Ms Purser said.
"The new tax incentive provides a 45% refundable offset to companies with a group annual turnover of less than $20 million, yet a lot of smaller companies are simply too afraid to start the process as they believe it will cost too much money and take too much effort."
To determine eligibility for the tax incentives, BDO launched an online diagnostic tool on their website bdo.com.au.