Things are changing with the R&D Tax Incentive The changes are focused on the information that you must provide as part of the application. The information needed is stringent, and there is a renewed focus on confirming that you can provide detailed information on the new knowledge (innovation) you are seeking to create, your hypothesis for the new knowledge, and what experiments will be conducted to prove your hypothesis. What else is changing? While the above …
Recap If you are doing innovation work with product development or improved systems, the R&D Tax Incentive is a rebate for any eligible work. To be eligible to start with, you must be a Pty Ltd company, spending more than $20,000 pa, conducting the work in Australia, and showing that you have created new knowledge. The catch The catch with this program is that the application process is quite complex and requires you to provide detailed …
R&D Tax – What’s The Bare Minimum That You Can Get Away With? Read More »
Repeated Problems With Software Claims There have been calls from various sectors to clarify the eligibility of Software developed under the R&D Tax Incentive Scheme. This is because so many software claims have been reviewed by the Government and deemed ineligible. The main reason for the ineligibility is because those claiming their software development as R&D are misclassifying the work. Agile sprints are not R&D The main reason a software development team misclassifies their work is because they …
The application for Research and Development Tax Incentive closes 10 months after the end of each company financial year. For June Year-End Companies Registrations Open: 1st July annually (for the prior year activities undertaken) Registration Close: 10 months after (being the 30th April the following year) Advanced Finding Applications: must be lodged during the financial year the activities are being undertaken. So for a June year-end, the Advanced Finding must be lodged before June 30th …
The best way of keeping the right evidence in the future is to create a template-supported system. You don’t need to ‘create’ new documents, take the guesswork out of the process by providing a checklist to work through and, once in place, save time in the process. It is also the best way to manage the risk of triggering an audit with missing documentation at application time. The record-keeping will need to be built into …
How Can I More Easily Keep The Right Evidence In The Future? Read More »