Is the R&D Tax Incentive for you?

The R&D Tax Incentive is designed for businesses investing time and resources in innovation and research to improve their product or service offering to the market.

The R&D Tax Incentive is government funding via your company tax return. It is used to fund innovation within Australian businesses, whether its new product development, process efficiencies or enhancing your existing products.

 

It is a very generous rebate that helps you conduct more R&D. 

 

However, it can be complex to administer and often leads to underclaiming or risk of an audit when not implemented correctly.

It’s essential to align your R&D Processes with the legislation to include the required documentation.

Are you eligible?

All sorts of businesses use the R&D Tax incentive, from manufacturing doing product innovation or process improvements, food production and agriculture, logistics companies, software companies … the list goes on.

Working out if the R&D Tax Incentive is suitable for your business requires you to determine whether you are creating ‘new knowledge.

 

What we mean by this is that you are acquiring new knowledge that didn’t previously exist anywhere in the world. Typically, you will be learning this new knowledge through an ongoing process that involves running experiments in a scientific manner and showing that you could not have determined the answer without the experiments.

 

 

You must also have a turnover of less than $20million and incorporated as a company under Australian law. There are a few other options regarding foreign research options (see https://www.industry.gov.au/funding-and-incentives/research-and-development-tax-incentive)

 

It sounds technical, right? It can be unless you’ve thought through the processes of ‘scientific’ enquiry as it relates to your business.

Is it worth the effort?

If you are eligible and follow the required processes, then you could be receiving a tax rebate up to X of your ‘research activity, including the time spent by your staff on the work.

 

Getting started Step 2 – Getting Started with the R&D Tax Incentive

1. Is the R&D tax incentive for your Business?

The R&D Tax Incentive is designed for businesses investing time and resources in innovation and research.

2. Getting started with the R&D Tax Incentive

Find out what you will need to get started under the R&D Tax Incentive to avoid problems down the track.

3. Increasing your Annual R&D Tax Incentive Claim

Increase the amount you claim from your R&D Tax Incentive and make it easy and quick to claim.

Key Benefits of our Training

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

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Our Process

Train you and your Staff

  • One main training session delivered by an instructor or online video course
  • Additional workshops to review your existing processes and propose changes

Review your existing Processes

  • Assess the gaps between processes required by the legislation and your processes
  • Identify ways to improve to ensure minimum process disruption
  • Propose templates where needed and guidance for their use

Propose the minimum Processes changes

  • Minimise process overheads while ensuring best practices for your team size
  • Check the process provide the maximum safety net and allow you to claim confidently

What Our Customers Have to Say

A very professional and thorough service. George helped us to put the correct processes in place for our specific business. Correct and accurate record keeping is the crux of any R&D claim and George was instrumental in setting that up so that in the future our application for an R&D grant will flow smoothly. The manual George provided is very professionally put together and through Georges workshops we, as a company, have realised the importance of such thorough record keeping. In fact we hope that by improving our record keeping we will be able to increase our future claims. George also pointed out to us a couple of things that we were unaware that we could claim as R&D expenses. Very helpful!
Robyn Hodgson
Coolpac (Temperature Controlled Freight Packaging)
5Star
There are a lot of consultants out there that are ready to take your money to help you put in an R&D grant, but few that help with making sure you have the process in place to support that application - until now.
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.


Paul Greenwell
Propel Ventures (Financial Software Development)
5Star
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Frank Jones
ABCFilling
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Jack Brownn
Nick Duncan

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.

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