Is the R&D Tax Incentive for You?
Government funding via your company tax return.
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 be incorporated as a company under Australian law. There are a few other options regarding foreign research options.
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 43.5% of your research activity, including the time spent by your staff on the work.
YOU ARE HERE
1. Is the R&D tax incentive for your Business?
2. Getting started with the R&D Tax Incentive
3. Increasing your Annual R&D Tax Incentive 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
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.