21 Sep 2021
Tax Talk | New Tax Bill
The Minister of Revenue recently introduced the Taxation (Annual Rates for 2021-22, GST and Remedial...
Research & development tax credits
Undertaking R&D in New Zealand can now lead to businesses receiving funding via a 15% tax credit on relevant expenditure.
The tax credit is available for expenditure incurred from the start of the 2019/20 income year (for most taxpayers this will be 1 April 2019).
Baker Tilly Staples Rodway is uniquely placed to help businesses with the regime. Accessing the credit is more straight forward than many people think. Undertaking an activity for a material purpose of creating new knowledge or an improved processes, good or service could very well qualify.
Designing a new product or even improving an existing one is a good example of qualifying expenditure. Being able to illustrate the use of a systematic approach to resolve scientific or technological uncertainty will be critical to a successful claim.
How We Can Help
Baker Tilly Staples Rodway have the expertise to assist in a number of ways, including:
- identifying expenditure that qualifies for the R&D credit
- ensuring that internal processes capture the necessary information required to make a claim
- completing or reviewing documentation prior to submission with Inland Revenue
- education of staff in respect of the regime.
Contact your usual Baker Tilly Staples Rodway advisor or Andrew Dickeson (National R&D Director).
Employee engagement & retention
The tax treatment of employee benefits can be a complex area.