The R&D activities of a company are typically led by special centres or units, though they can be outsourced to contract research organizations. An R&D expenditure will most likely hit the Company Tax Return as deductible expenditure and it’s important to make sure that there are no double reductions when the numbers are given again in the Company Tax Return through the R&D Tax Schedule.
While R&D expenses are relatively minor, they can rise to rather hefty sums for larger companies. For technological, pharmaceutical, healthcare, and industrial firms, R&D expenses are the highest. For companies who are in need of accounting for their R&D tax and expenses, there are experienced accountants in Parramatta such as Advanced Accounts who offer advanced levels of accounting and bookkeeping services, which can greatly aid companies with their financing issues.