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R&D: Get cash back from your tax losses

If you do research and development (R&D) work, claiming a special tax credit of up to $224,000 this year could ease cash flow problems and hasten your product to market.

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What is it?

The R&D loss tax credit is designed to help New Zealand’s most innovative businesses when they may be struggling with cash flow — before they’ve taken products to market.

Eligible businesses can “cash out” — claim and be refunded — up to $224,000 of their R&D losses in a given tax year.

Last year, the credit gave hundreds of businesses early access to their tax losses, improving their cash flow and allowing them to reinvest in their businesses.

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The good news is you can claim the credit every year, as long as your business operates at a tax loss.

You can find out if you’re eligible and apply for the credit on the Inland Revenue website.

 

 

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