R&D TAX INCENTIVE
AUDIT & RFI RESPONSE Assistance
You only get one chance to answer the questions
get the right help - Don't go it alone
R&D TAX INCENTIVE DOCUMENTATION AND EVIDENCE
PREPARED FOR YOU FOR PEACE OF MIND
OPTIONS:
Option 1 - R&D Tax Claim form Information
Option 2 - R&D Documentation and evidence
Option 3 - Audit Preparation & Assistance
R&D TAX INCENTIVE DOCUMENTATION AND EVIDENCE
PREPARED FOR YOU FOR PEACE OF MIND
OPTIONS:
Option 1 - R&D Tax Claim form Information
Option 2 - R&D Documentation and evidence
Option 3 - Audit Preparation & Assistance
R&D TAX INCENTIVE MADE EASY
We prepare Documentation and evidence for you - Painlessly
We also provide Audit Preparation & Assistance options - Get ready
R&D TAX INCENTIVE DOCUMENTATION AND EVIDENCE
PREPARED FOR YOU FOR PEACE OF MIND
OPTIONS:
Option 1 - R&D Tax Claim form Information
Option 2 - R&D Documentation and evidence
Option 3 - Audit Preparation & Assistance
R&D TAX CLAIM HELP
R&D Tax Consultants – Focus on assistance with the R&D claim process
Accountants – Focus on preparing the expenses records for the claim
R&D DOCUMENTS HELP
You need more detail than just what is needed for the claim. We help you with the R&D detail you need, where others can’t
We make it easy to comply using our templates. We can show you how or we can prepare the documents for youÂ
Did you know that the information required to submit an R&D Tax Claim is only a portion of the information required as evidence during an Audit?
A Request for Information (RFI) or follow-up questions from AusIndustry or the ATO can be the start of an in-depth audit process. It is generally because they want to see the ‘required evidence’ to support your claim, or something within your claim has triggered an investigation.
If you do not respond with the right information, in the required format, the worst-case scenario.
Get in touch and let us see how we can help.
Get professional help!
REQUEST FOR INFORMATION (RFI) from ATO OR AUSINDUSTRY
After submitting your R&D Tax Incentive claims you can receive a Request of Information. The information being requested is required to substantiate your claim. Our years of experience will assist you in preparing to reply putting your R&D in the best light.
FOLLOW UP QUESTIONS & POSITION PAPER NOTIFICATION
If you have tried to answer the questions from the ATO or AusIndustry and they don't appear to be following your rationale, it's likely that you are not addressing the questions in the way that the ATO or AusIndustry intend them.
R&D Tax Incentive ATO and AusIndustry Assistance options:
R&D TAX ATO REQUEST FOR INFORMATION RESPONSE
We interview you and prepare the information required to address each question. We work with your Accountant to present the best possible information to substantiate your claim.
R&D TAX AUSINDUSTRY REQUEST FOR INFORMATION & EVIDENCE
We interview you to learn about your R&D and review your documentation. We will help determine why AusIndustry is concerned and work out how to explain your R&D to in terms that clarify your objectives.
POSITION PAPER OR AUDIT NOTICE PREPARATION
We assist you to determine a strategy and we recommend how to explain the reasoning for your R&D. We review the expenses and help you substantiate them in relation. to the R&D
R&D TAX INCENTIVE DOCUMENTATION AND EVIDENCE OPTIONS:
Option 1 - R&D Tax Claim form Information
We prepare all the information needed for a Tax claim. We can support you whether you have the full evidence or not, whether you are a first timer or seasoned claimer, we can ensure you are as prepared as possible.
Option 2 - R&D Documentation and evidence
We prepare the evidence you need to support your claim. We can help with past years and do it for you going-forward. We delve into your R&D and document it, so you can get on with innovating
Option 3 - Audit Preparation & Assistance
If you have been flagged for an audit you need to be sure you are ready. We can probe your existing records and prepare documentation that the ATO and AusIndustry require.
Our Approach
Align your project to the government required framework
→ We will work with your team to classify your core and supporting R&D activities correctly.
→ We will align the new knowledge, hypothesis and experiment regime to the Government’s detailed requirements.
Find and extract the evidence
→ We will probe for hidden evidence in emails, lab notebooks, minutes, reports, and word and excel documents.
Prepare your response
→ We will write the response using our Templates Pack to present your evidence with as many details as possible.Â
AUDITS AND RFI LETTERS
Preparing your response to an audit or RFI
If your claim is flagged for checking, you will receive an RFI and you are given 30 days to produce the records as evidence of your R&D claim.
Once this stage is complete you may be assessed as “At-Risk” and informed that you will be reviewed within 12 months and should address the deficiencies they have identified.
Have you been notified of an Audit on one of your R&D Projects? If so you need to get ready for the Audit quickly.
The government’s recent changes that make it mandatory to have the proper documents in place before completing your application form, means that you are expected to be ready.
When conducting their desk check of your claim they will be able to obtain pictures of your ability to substantiate it but will want to ask you questions.
A review and audit of your documentation may be triggered by:
- Routine desk-checking of applications
- Missing or incomplete information in your application form
- Unclear information that does not match end to end between questions
We will prepare your response and the necessary evidence if you don’t have this already.
Call us on 0403 398 807 to learn more about Audit & RFI Response Assistance Service.
Have you received a Request for Information (RFI) with a list of complex questions?Â
You have 30 days to respond with answers (on average 100-150 questions).
Has your R&D Tax Incentive application been flagged as At-risk?
If so, in most cases, you will be given 12 months to review and fix your records before AusIndustry conduct their complete audit program on your R&D program of work.
It can be difficult to understand the legislation and apply it to work you have already completed.
Failing the audit may result in having to repay the grant for both the current year and previous year claimed, plus a fine of up to 1.5 times your claim amount.
DOING DOCUMENTATION RIGHT
Writing and preparing your documentation before you claim
Softlogic Solutions are R&D Tax Incentive implementation specialists.
We can write the documentation for you so that you know it has all the information needed by the R&D Tax Incentive and is easily audited by AusIndustry.
We will start by looking at the following:
- existing R&D Documentation Structure
- locating Product Strategy Documentation
- clarifying your R&D Process Framework
- review of your Work Management Tools
- assessment of your Work Breakdown Structure and Time Tracking
- brainstorming and workshopping to identify potential sources of additional information
- verification of your R&D Document Repository
- review of your Apportionment of expense
We will write your documents to the letter of the legislation, ensuring you have in place:
1. Product strategy with 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 have been monitored.
3. R&D work records that track time and materials as core and supporting
4. Experiment plans to prove hypothesis documented*
5. Experiments conducted and evidence recorded with the results evaluated/reported*
6. Minutes of meetings to formally evaluate results, correct, and iterate on the hypothesis
7. Expense tracking down to the individual Core and Support R&D Activities for each project.
The areas marked with an asterisk* need to use scientific language, and we will provide you with the correct wording to ensure you pass the audit.
We can assist in, making sure your documents and claim are audit-ready!
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.
Audit Preparation Service Options
- Rapid Response RFI Review Service
- Comprehensive Audit Preparation
If you have received a Request for Information, you will only be allowed 30 days to gather and provide the appropriate information.
We offer a rapid response review and remediation service to:
- Perform an evidence probe workshop.
- Review the documentation for compliance.
- Provide templates to ensure language and structure are correct.
- Review your application of core and support R&D and the supporting hypothesis and experiments outlined to ensure they will pass the initial RFI.
- Work with you to rapidly complete the document for the R&D Project being reviewed by AusIndustry or the ATO.
- Assist with answering the questions from AusIndustry or the ATO.
- Review the results with your Tax Consultant to ensure consistency with the R&D Tax Claim for the year being reviewed.
Key objective:
- Ensure you pass the RFI and avoid triggering a full-blown audit.
                                               $P.O.A.
If you have been given an At-Risk rating (or you want to be prepared), you will need to take action to update and ensure your records reflect the requirements of the legislation.
We offer assistance to make sure this is done quickly, correctly and comprehensively to ensure you avoid a failed audit review.
We will provide:
- Training for your staff
- Templates to apply to all of your documents in arrears and in the future
- Audit and review of your current program with a detailed checklist of work required to make your applications compliant
- Deep dive into core and supporting R&D work definitions
- Review of all realigned work.
(Includes Consistency Training Workshop Package)
Key objective:
- Address all items flagged, plus extensive review to ensure no further issues will be flagged during the audit, ensuring you pass the audit and avoid fines.
                                               $P.O.A.
Get in touch to find out more !
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