R&D Tax Incentive Implementation Support
R&D Tax Incentive For Innovators In Software, Product Design And Manufacturing
Running design and development projects leveraging the R&D tax incentive offers business a way to fund work that can extract and commercialise their Intellectual Property.
Softlogic Solutions are the go-to team used by many R&D tax accountants to help them understand the extent of the IP that can be captured under an R&D incentive tax claim and to ensure the implementation and documentation are compliant and ensure your project is audit-ready.
We bridge the gap between what your accountant covers and the necessary business processes and recording keeping you must have in place as part of your project implementation, in order to be compliant and be audit-ready.
A 6-Step R&D Process Optimisation Framework
Over the years, we have worked with a variety of different businesses across manufacturing, software development and product design and development. Overwhelmingly the work revolved around managing the risk of non-compliance at audit resulting from lack of proper process, record keeping and language to document your hypothesis, tests and program of work that meets the ATO’s strict R&D requirements.
As a result we have developed a clear framework to ensure any R&D project is run in a way that both manages the risk of non-compliance with the ATO and ensure you are maximising the full extent of your IP.
Learn more Is the R&D Tax Incentive for you
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Why enhance your R&D Record-keeping?
Since the R&D Tax Incentive is based on self-assessment, businesses and their advisors must work together to ensure that record-keeping is sufficient to substantiate a claim. Did you know that enhanced record-keeping will allow you to:
- Claim more Core R&D – R&D associated with generating new knowledge,
- Claim more Supporting R&D – R&D required to facilitate the Core R&D
- Claim more Supporting Activities – Activities necessary to facilitate R&D such as HR, Manufacturing etc.
6 Steps R&D Process Optimisation To Maximise R&D Tax claims
Did you know that if you do all the record-keeping needed to survive an audit you will generally increase your claim between 10% and 30% because you will be able to justify all R&D related costs. By following the steps below you can reduce risk and increase your claim:
Framework Objective 1 – Achieve Compliance Readiness
- Step 1 – Develop a Cross-department R&D Tax Compliance Manual,
- Step 2 – Implement compliant Product Planning and Record-Keeping,
- Step 3 – Establish Management Systems to automate Record-Keeping,
Framework Objective 2 -Continuously Improve and reduce risk
- Step 4 – Periodic Spot Checks of Project/Activity/Task Record-Keeping,
- Step 5 – Periodic Detailed Review and Auditing of Project/Activity/Task Record-Keeping
- Step 6 – Periodic Compliance Assessment and Reporting.
Learn more R & D Record Keeping & Compliance