At KPMG, we believe in innovation and growing businesses and their capabilities in New Zealand, so you can grow your business and take your product to the rest of the world.
The New Zealand Government provides a large array of funding for all kinds of innovation and growth initiatives and, like us, they want to see businesses in New Zealand succeed. Most recently, Government has introduced the Research and Development (“R&D”) tax incentive as part of a wider reform of innovation funding in New Zealand.
The R&D Tax Incentive
The tax incentive is a relatively straight forward funding mechanism that uses modern R&D language, and should be understandable and accessible by many businesses in New Zealand. Download (PDF) our brochure on the R&D tax credit.
The most common thing that businesses say to us is “but we don’t do R&D, we just solve problems to deliver the best product to our customer”. Fortunately, the modern R&D definition doesn’t care for test tubes or lab coats – It simply asks*:
- Are you trying to solve a tough problem, through a systematic approach?
- Does your project aim to create new knowledge or expand the current technology horizon?
If you answered yes to these questions, it’s very likely you have some eligible R&D.
As you would expect with any tax instrument, there are some wrinkles, and, there are some complexities. We want to work with you through these initial stages as the incentive is rolled out, so that you have the opportunity to identify your own R&D, and become self-sufficient in your R&D claim process.
Other innovation and growth funding
While we believe the R&D tax credit is a great way to provide certainty and longevity to fund innovation in New Zealand, we understand that a “one size fits all” approach doesn’t always work.
- Callaghan Innovation funding: While Growth Grants are being phased out over time and are no longer open for application, Callaghan still provides a significant amount of funding through project grants, student grants, and repayable loans for technology incubators.
- Other funding streams: Further support is offered by agencies such as MBIE, MPI, and NZTE, as well as specific regional, and sector focused funding groups.
Read our Other Funding brochure (PDF) for further details.
What funding best suits your business, will depend on what stage you are in your business. We want to help you to identify the relevant funding streams for your business, so that you can continue to innovate, grow, and succeed. Our solutions will always focus on what works best for your business, so you can continue to do what you do best.
If you’re working on something new or exciting and you think there may be an opportunity for support, get in touch with us today.