Getting started with the R&D Tax Incentive
Your Innovation and Research into New Products or Process Improvements May Be Eligible
The R&D Tax Incentive is available to all Australian Companies that are conducting any activity that requires experimentation and you cannot be certain of the outcome. If this sounds like work being performed in your business then read on.
You will need…
Clear documentation on the new knowledge you are gaining with the work.
This is about clearly establishing that you are doing new work that has not been ‘discovered’ elsewhere in the world. This is core to being eligible for the grant, so it is important to put focus on this right at the start. We can help make this step easy by providing you with a template that you can use to ‘document’ your ‘new’ knowledge, regardless of whether you are working on a new software program, a new product or a process improvement.
An accountant that specialises in the R&D tax incentive
They will be required to prepare you claim. If you need a recommendation, we are happy to assist as we work with many accountants and consultants. Clear and well structured documentation will ensure that they will safely claim, on your behalf, the maximum amount under the tax incentive scheme.
3. A review of your current development, innovation or program of work
We recommend a review to check your R&D, even if you are already claiming, to ensure it aligns to the required ‘scientific’ experimentation. We are more than happy to review your current documentation and processes over the phone.
As suitable documentation and a paper trail
It is important all the records required are available and reflects that you have undertaken the above ‘experimentation’ as per the legislation requirements.
How do we help?
We are able to assist with both a review of your current processes and provide you with templates for the required documentation. This will save you many hours of work in designing the ‘templates’ for your experiments yourself, and we can guarantee that they have been tested by audit and pass with flying colours.
1. Is the R&D tax incentive for your Business?
YOU ARE HERE
2. Getting started with the R&D Tax Incentive
3. Increasing your Annual R&D Tax Incentive Claim
Foster innovation in your business
- Implement consistent and repeatable best practice R&D Processes
- Avoid being one of the 70% of eligible business that don’t claim
- Conduct more R&D with less hassle and greater teamwork
Straight forward R&D record-keeping
- Reduce the complexity and red tape of record-keeping
- Substantiate more expenses and increase your claim 30-50% on average
- Be one of the eligible businesses that are accessing benefits
- Implement systems to avoid the annual records headache
- Reduce the time and cost to prepare your claim
Oversight to stay on track
- R&D Process Manual for staff training and awareness
- Oversight and governance to keep you on track
- Done-for-you documentation to
What Our Customers Have to Say
George has systematized his successful process for maintaining compliance records into a framework that was easy for us to adapt and apply to our way of working.
With plenty of high profile businesses being audited and found coming up short due to record keeping, we are now sleeping easy that we will not be one of them.
Did your tax Consultant ask you to ensure you Keep all the right records?
Learn what records, their format and wording you need to substantiate and maximise your claim.