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Top 5 Tips to resolve CFO R&D Tax Headaches

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Did you know that AusIndustry is reviewing a much higher percentage of claims with a target of 1 in 3 of the 15,000 claims made each year to be reviewed.

Why? Because the R&D Tax Incentive is costing too much. The best way to is to find those that don’t comply, so let’s be prepared to avoid issues. Read more about the $200M R&D Clawbacks here.

The following Tips to address the Top 5 CFO Headaches….

  1. How can increase Cash Flow?
    You can maxmise your Tax Rebate by making sure you have records of all R&D expenditure meticulously captured and grouped by Activities so that extracting the Core R&D Activity costs and Support Activity costs will be a breeze.
  2. Am I audit ready?
    When AusIndustry sends a Request for Information (RFI) you will have 30 days to produce records and respond to the questions, as far back as 5 years. So is your record keeping centralised and managed so that you can easily review each year.
  3. How do I get the R&D Teams to keep records?
    The record-keeping needs to be built into the day to day business processes so that they are automatically generated and stored. Getting some help in training the R&D Team is invaluable, the more they understand why they need to do it the more likely they will do it.
  4. What will happen if <insert name here> leaves the company, they have been handling all the R&D Claims?
    It is important to get the R&D processes into an R&D Manual that captures how you assess, plan, manage and measure R&D so that there is a clear mapping from day to day work tasks and the records that need to be kept.
  5. Was all that claimed R&D Eligible, am I exposed?
    Assessing eligibility of R&D is a difficult task with nuances that need to be taken into account. Getting some assistance with this may help ensure that staff know how to assess risky tasks for eligibility and you can rest assured that reasoning and criteria are captured and reviewed.

As AusIndustry Claim Assessors say “Keep records or face doom” (from July 2019 presentation to industry), so be ready.

Check if you are ready – Take the 2 minute test.

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