We are happy to provide you with our R&D Tax Incentive Records Checklist. It is the same comprehensive checklist we use when helping our clients safely maximise the amount they are claiming under the Government scheme or helping them remediate after an audit by the Government. Recap on the R&D Tax Incentive The Australian Government offers rebates on R&D work that meets specific criteria to encourage Australian businesses to innovate. To be eligible to claim,

Catch up on the current R&D Tax Incentive If you are an Australian Pty Ltd business doing work on improving, innovating or inventing new products or services, the Australian Government offers a rebate on the cost of your R&D work. You must be spending more than $20,000 pa, conducting the work in Australia, and you must show that you have created new knowledge. The rebate assessment process is changing The process to claim under this

Catching you up As you know, the R&D Tax Incentive is for businesses conducting innovation and developing new products or services. It’s a self-assessment as part of your application for the rebate. Therefore, you will need records that substantiate your claim. By records, we mean detailed documents and evidence that will satisfy the Government’s requirements. These requirements are stringent and very specific. What to be aware of The Government have made recent changes that make

Quick recap If you are doing innovative work in Australia, and taking advantage of the R&D Tax Incentive, then you are required to keep detailed records relating to: 1.     Product strategy with a project roadmap and new knowledge assessed 2.     R&D project documentation with project hypothesis explained R&D project eligibility proof for core R&D activity documentation R&D project timelines, plans and budgets that have been monitored. 3.     R&D work records that track time and materials as core and

Review of where we are at If you are claiming under the R&D Tax Incentive, recent changes by Government have made it all the more important to get the paperwork and supporting documentation correct. Key changes to the application form make it impossible for your R&D Tax Consultant (or yourself) to complete the application form without supporting evidence as follows: Old Form – Core Activity (3,000 characters) Describe the core activity (3,000 characters) New Form