Companies can now benefit from the skills and expertise of Bond University’s academic staff, with the University announcing its approval as a Registered Research Agency with the Commonwealth Government.
This newly acquired status enables Bond University to provide external organisations with research and development services in the areas of Mathematical Science, Statistics, Information and Communication Technology, Computer Software and Technology, Biochemistry, Genetics, Molecular Biology, Microbiology and Biotechnology.
Registered Research Agencies are an important component of the Commonwealth Government’s commitment to facilitating access by small and medium sized businesses to expert research and development (R&D) services.
Companies can now contract Bond University to perform R&D on their behalf and benefit from the return of the maximum tax advantage derived from funding research through a Registered Research Agency.
“In addition to the financial tax benefits, clients can also capitalise on the experience of Bond University’s world-class academics and our unparalleled facilities and resources, without having to invest in expensive infrastructure and expertise within their own organisation,” says Tracey Richards, Manager of Bond University Research and Consultancy Services.
“Through becoming an accredited Registered Research Agency, we hope to help businesses in Australia and around the world to become more productive and profitable by improving their processes, products and services,” Ms Richards said.
As a Registered Research Agency, any expenditure for Australian R&D work contracted to Bond University (within their approved classes of activity), is eligible for a full tax concession (up to 125%) in the year of income, irrespective of the annual R&D expenditure of the claimant. The normal annual expenditure threshold of $20,000 does not apply, and prepayments for contracted Australian R&D may be claimed by companies up to 12 months in advance of the work being carried out.