New Zealand

Details

  • Service: Tax
  • Type: Business and industry issue
  • Date: 20/08/2010

Taxmail: Government announces process for R&D grants 

Issue 5, August 2010

 

The Government has released further details on the Technology Development Grant that was announced in the 2010 Budget. The grants are part of a range of measures introduced by the Government to replace the R&D tax credit, and will reimburse 20% of eligible R&D expenditure up to $2.4 million per annum. However, total funding for the grants will be capped at $22.5 million in the first year

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Details of the Technology Development Grant can be found on the Foundation for Research, Science and Technology (FRST) website.

  

The attached taxmail discusses the application and qualification process for the Technology Development Grants in greater detail.

 

If businesses want to access this year’s funding, they are required to lodge a registration of interest with FRST before 17 September 2010.

 

Only businesses that meet the eligibility criteria will be sent an application form by FRST, which must be completed and submitted by 04 October 2010.

 

We encourage businesses to register early to ensure confirmation of the availability of the grants is received as soon as possible, providing you with a longer period of time to prepare your substantive applicable.

 

If you have any questions on the above, please speak to your usual KPMG advisor or contact:

 

Paul McPadden
Partner - Tax
KPMG
Phone: +64 9 367 5919

pmcpadden@kpmg.co.nz

Gwenan Riley
Director - Tax
KPMG
Phone: +64 4 816 4755

gwenanriley@kpmg.co.nz