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R&D Tax Write-off?

Golden Mean
in Making A Living

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Greetings Fellow Developers!

As tax season has just arrived for 2006, I was wondering if anyone was familiar with the tax rules for writing off research & development of software solutions. If this is possible:

Can I write off time spent doing development?

What documentation is required?

How do you determine what amount or rates to use?

Do you have to be incorporated? vs. Sole proprietor?

If anyone is familiar with this topic and is willing to share I'd be most Thankful as well as others I'm sure! :D

Thanks for your consideration.

Will

  • 2 months later...

Here in Australia, you can only write off expenses against income generated: so unless a project has generated income you've got nothing to claim against.

Hehe, so you gradually accrue R & D costs for new projects and write them off against income from your older ones.

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