Updates & Articles
Research and Development - Tax and Funding Support
Innovation drives economic growth. And research and development (R&D) drives innovation. Businesses can produce more with either the same or fewer resources, increasing productivity. Or they can introduce new and improved products to engage the market.
However, relying on innovation to just ‘happen’ is a missed opportunity for long-term economic growth. The Government wants to raise New Zealand’s research and development (R&D) expenditure to 2% of GDP by 2028. To do this they are encouraging businesses to increase their R&D activity.
If you undertake R&D in your business, you already have some experience of weighing the resource allocation against an uncertain return on investment. You may have thought about embarking on R&D but been put off by the cost and uncertainty.
However, innovation can lift a business to next-level profitability, introduce new revenue streams or future proof existing ones. It’s worth thinking about what resources are available to help.
Programmes to help support businesses with R&D usually take the form of tax credits. Some funding programmes for innovators are available. Other resources aim to bring businesses together with likely investors or partners.
Come and talk to us about your options.
We can work through the eligibility criteria for funding and the tax implications.