If you're a company doing research and development (R&D) work — and operating at a tax loss — you might be entitled to some cash. That's thanks to Government's new R&D loss tax credit.
Under the old rules, tax losses had to be carried forward and deducted against a business’ future taxable income. Now, companies that qualify will have the option to cash out (claim and be refunded) some or all of their tax losses – up to $500,000 annually.
This credit will help businesses to continue investing in R&D and successfully get their innovations to market.
To figure out if your company is eligible and to apply, visit Inland Revenue's (external link) website.
The new rules apply to income years beginning on or after 1 April 2015.
Your business may also be eligible for Callaghan Innovation's R&D grants (external link) for: