You may be eligable to claim back some of your development spend via the Department of Industry, Innovation, and Science R&D Tax Incentive.
It applies if you’re starting off or been doing development for a long time.
R&D Tax Incentive will give approved projects 46 cents on the dollar back for development cost made in Australia.
At the time of writing this article, you need a minimum spend of $20k.
Have a look at this article it makes R&D Tax Incentive slightly easy to understand.
It can get a bit complex so I wouldn’t recommend completing R&D Tax Incentive yourself – find a consultant, they will take a cut or commission of the rebate.
I use Rimon Advisory & Investments in Sydney (also based in Melbourne).
They help with R&D Tax Incentive and help source funding.
Ben Thompson (Tech Lever) is also a great person to talk to about this tax.
Ben has worked in government research and policy including ANSTO and AusIndustry as well as scientist and technologist in private enterprise (read his article for further learning).
Please note that we are not advisors and can’t help you decide whether your project is eligible. If you’re a startup or small business this tax incentive can really help with cash-flow at the start.
Make sure you look into it and talk to professionals like Rimon Advisory.