The newly introduced R&D Tax Incentive is a fit-for-purpose scheme that will support a wide range of businesses to undertake more R&D says New Zealand’s leading accounting experts Tutbury & Associates Limited.
The Government has committed to raising New Zealand’s research and development (R&D) expenditure to 2% of GDP over 10 years. “This new tax incentive that aims to encourage further spending on research and development,” says Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.
The R&D incentive scheme will be introduced on April 1 that contains more generous tax breaks than billed at the Budget and businesses will have to spend far less to qualify. “The rate will be higher, the threshold lower, and the definition more inclusive,” says Kelly.
The 15% tax credit will be available from the beginning of a business's 2019/20 income year.
Ideal for trades people, or anyone who wants to grow their business, Tutbury & Associates Limited offers expert services in compilation, financial planning, taxation, business accounting, family trusts and Xero bundles for their clients across New Zealand.
The key features of the R&D tax incentive include:
“If you want to find out more what the R&D Tax Incentive can do for you and your business, talk to our awesome and expert team today,” advises Kelly.
About Tutbury & Associates Limited.
Tutbury & Associates Limited, based in Tauranga, has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.
Contact Tutbury & Associates Limited:
Phone: 07 576 2194
Address: 23 Myres Street Tauranga
Phone: 0274 587 724