Posted: 03 May 2023 ![SMEs to share $2.54B in R&D](https://www.essbiztools.com/images/zoo/blogs/bas-updates/bas040523.jpg) # SMEs to share $2.54B in R&D #### Business Advisory Services Update Companies with turnovers under $20million who are eligible for the R&D refundable tax offset are estimated to earn $2.54billion in 2022/23 financial year, according to data released by the Department of Industry, Science and Resources. The refundable tax offset is available for companies who have undertaken legitimate R&D expenditure and who are trading at a loss for the financial year. The company is able to claim the R&D tax rebate amount, as long as the amount is less than the company’s accumulated tax losses. Companies with turnovers less than $20million are able to claim 43.5% of the R&D expenditure as the R&D tax rebate. Lack of awareness by small company directors has probably reduced what the overall benefit for SMEs could have been from the R&D process. This is an opportunity for accounting firms to inform clients of these benefits by being proactive and identify if their business is undertaking R&D projects. To claim the R&D rebate, certain rules must be followed. **![bas040523 2](https://www.essbiztools.com/images/zoo/blogs/bas-updates/bas040523-2.jpg)ESS BIZTOOLS** has developed a complete **Research and Development Product Package**, to assist accountants to work through the process – from start to finish – in terms of lodgement of the annual registration return with AusIndustry, along with the company’s income tax return, which is the enabling document for the company to elect to receive the refundable offset, or to claim the R&D tax incentive from the company’s taxation debt. For more information on how you can assist your SME clients to benefit from the government’s R&D initiatives, visit our website – [www.essbiztools.com.au](http://www.essbiztools.com.au) – and find out more about the **Research and Development Product Package**. #### ESS BIZTOOLS Blogs ### Recent Posts... 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