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How Can I Maximise The Benefits of R&D Tax Incentive?

On average, we see an increase between 30-50% in the total claim amount. This is because when the work is documented correctly, the full breadth of activity is captured in the claim – even including the time spent completing the paperwork!

What can you claim?

  1. Any activity that is related to investigating something “no one” knows the answer to, when developing a process, system, product or device.
  2. Your R&D needs to be planned and documented and broken down into your core activities. The work supporting this such as planning and documenting are supporting R&D activities.

Both your core and supporting activities – yes even the time creating the paperwork is claimable including:

  1. The time spent formulating a Hypothesis on how the New Knowledge can be determined
  2. The experiments to prove or disprove your hypothesis
  3. Updating the hypothesis and doing experiments repeatedly until you have the outcome you are looking for.

If you haven’t taken the time to take our quick R&D Tax Incentive Checklist, why not do it now and see exactly what the documentation framework looks like.

To maximise your benefits of the R&D Tax Incentive, we are providing Process Framework and Templates to help you optimise your R&D Process, well-maintain and store your Project records. We check that Time and Material expense tracking mechanisms are implemented and working as per the R&D Manual to ensure cost reporting is working. If the processes can be improved, we will update the manual for you and disseminate the changes. Make sure you will be confident during an Audit to claim more.

Here are some options that you can choose from:

  • Instructor-Led Training Workshops: One of our instructors can provide personalised and comprehensive Training and Workshops for you and your team.
  • R&D Tax Incentive Template Packs: Comprehensive template pack includes all templates that you need to prepare for your claim. All templates have instructions for each section, you can easily understand and fill in the templates.
  • Online Training Course: Learn at your own pace with the Online Video Courses that also include a Template pack to get you started quickly.
  • Period Auditing Options: Arrange for our team to periodically spot check or audit your R&D projects to verify process adherence.
  • Monthly Coaching & Support Options: Monthly instructor access for assistance with R&D process optimisation, template usage, audits, and governance.

If you are not sure what help you should get, book a 10-minute consultation to discuss your specific situation.

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