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R&D loss tax credits gain popularity

Judith Collins

Wellington, May 10, 2017

More than $10 million in research and development loss tax credits have already been paid out after the first year of a scheme designed to help start-up companies access some of their tax losses sooner.

Pay-outs are still being processed for the last financial year, which saw 187 companies successfully lodge applications to `cash out’ business losses associated with R&D spending.

Great initiative

This has been a tremendous initiative for helping innovative start-up businesses with the cash flow they need to turn their ideas into a reality.

I have been pleased to see how easy it is to claim the credit.

By following the clearly laid out steps on the website, businesses are spending less time on paper work and more time on developing their product.

I was delighted to see the difference it made for the two kiwi businesses profiled on the Inland Revenue website.

These are exactly the sort of companies to help get their big ideas off the ground and the R&D loss tax credit is helping them do that.

Applications open

Applications are currently open for the 2016-2017 financial year. Eligible businesses can claim a credit of up to $224,000.

More information on the R&D loss tax credit along with videos profiling two companies that have benefited can be found at www.ird.govt.nz/rd-credit

Judith Collins is Revenue Minister of New Zealand

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