The Ministry of Business, Innovation & Employment has announced that businesses performing eligible research & development can access faster and more frequent payments of the R&D tax incentive this year.

What is the R&D tax incentive?

The scheme provides a 15% tax credit to businesses conducting ‘eligible’ R&D activities and has supported more than $1 billion in research costs since its inception in 2019. A new feature has been introduced into the scheme whereby rather than receiving the credit after your income tax return has been filed and your application has been finalised by Inland Revenue, regular cash payments can be received starting in the same year as you conduct your R&D.