R&D Tax Incentive
What is the R&D Tax Incentive?
The R&D Tax Incentive (RDTI) is a government incentive programme that provides a 15% tax credit on expenditure on eligible R&D activities.
Tax credits can be used to offset income tax payable and be refunded in some circumstances.
To be eligible, your R&D activities must:
Be conducted using a systematic approach; and
Have a purpose of creating new knowledge or new or improved goods, services, or processes; and
Have the intent to resolve scientific or technological uncertainty
Check out our detailed eligibility test below!
Is my business eligible?
Generally speaking, any business carrying out R&D in New Zealand may be eligible for the RDTI.
R&D can mean different things in different contexts. For example, the business, accounting and scientific worlds all have specific definitions of what R&D means.
The RDTI is about encouraging R&D that pushes beyond existing scientific and technological barriers, and does this in a way that’s both systematic and with a specific goal in mind.
To make it easier, we’ve cut through the legislation and created a handy 5-step guide to help guide you on your eligibility.
Still have questions Get in touch with us below.
What can Swell do for you?
Full RDTI Preparation & Submission
We understand your core focus is running your business, so Swell can manage the full RDTI process so you can focus on innovating.
We will work with you to understand your business strategy and projects in order to identify which government incentive programs are right for your business.
We provide support at all stages of the process; from R&D activity identification and scoping, preparing technical narratives, calculating R&D costings, and preparing submission documents, right through to ongoing compliance and liaising with Callaghan Innovation and IRD to ensure a successful outcome.
Technical Guidance & Compliance Support
To ensure that your RDTI claim is compliant and that you are claiming your full entitlement, it is important to have robust activity documentation and expenditure record-keeping systems in place.
Keeping adequate documentation to support your RDTI claim is critical, so accurately tracking the R&D activity carried out and embedding record-keeping processes can add an additional administrative burden, potentially distracting staff from core business.
Swell can assist with this process by facilitating workshops, designing and implementing systems for tracking and recording projects and expenditure, or guiding you through the stages of the application process.
Having a successful RDTI process is an essential growth mechanism for any innovative business, but managing a successful and compliant process can be daunting for even large and well-established businesses.
Swell is here to ensure you are maximising your R&D tax credit without adversely impacting on your core business.