R&D tax credits apply to either profit-making or loss-making companies to decrease the tax burden on the business. They can take it either as a cash credit or a current or future tax offset.
There are a few additional qualifying criteria for companies that make less than $20 Million in turnover for companies.
Your company would need to:
Undertake R&D activities that have experimentation.
Spend $20,000 and above on these activities in this relevant financial period.
Undertake these eligible activities in Australia.
Be defined as a company. Some forms like partnerships or trusts are not eligible.