If your business is innovative, engaged and focused on investing in the future – the time to act is now! If your company fits the above criteria, it’s likely that you’re eligible for a R&D Government Tax Incentive and a proportion of your business expenditure is therefore eligible for a tax offset. There’s no better time to consider this incentive, as applications are now open!
In today’s blog, Wilson Pateras Principal Sash Nikolovski shares his expert insights on the true value your business could derive from securing an R&D Government Tax Incentive. Read on, and consider the possibilities for innovation in your sector.
What type of companies will benefit from applying for a R&D Tax Incentive?
As only companies (not individuals) can apply for an R&D Tax Incentive, this question is best answered by identifying the sectors in which eligible companies stem from. Generally, the industries that would benefit most from this incentive would include future-focused organisations in the Agri-food, Biotechnology, Built Environment, Energy, Manufacturing, ICT, and Software Development sectors.
What type of records must an eligible company keep throughout the R&D application process?
As each company is working on unique and innovative projects within their sectors, the records necessary to each company’s application will vary from sector to sector. These records will depend greatly on each company’s internal processes and the ground-breaking projects they are undertaking. However, some examples of required documentation would include records of trials, progress reports, minutes of meetings, sample prototypes, staff time sheets and project plans.
How do Wilson Pateras assist their clients in achieving a competitive advantage regarding their application?
With over two decades of experience in the preparation of applications related to the R&D Government Tax Incentive, the team at Wilson Pateras can assist clients to identify and evaluate projects and services to maximise their claims. In addition to determining a company’s eligibility, our team will prepare the relevant R&D application, assist with record keeping requirements, provide advice on the collation and identification of eligible expenditure and substantiation requirements. We’re also happy to provide ongoing advice and education to clients so that they’re aware of what they need to remain abreast of, the records they must keep and the appropriate structures to have in place and collect the necessary data. Some companies aren’t even aware that they’re completing research and development work – we’re here to let them learn more about that, too!
R&D Tax Incentive Case Study
Wilson Pateras recently worked with a precision engineering manufacturer to complete their R&D Tax Incentive application. This was a component manufacturer, working with exotic materials. Their project totaled approximately $500K worth of R&D expenditure. Wilson Pateras assisted them in achieving in excess of $200K back through the R&D Government Tax Incentive. Working in this space meant that there were very precise components involved and that processes, paperwork and calculations had to be strictly adhered to. It was a great achievement to assist this company in simplifying what could otherwise be quite a complex project.
See if you qualify for a R&D Government Tax Incentive
Ready to reward your innovative business with a R&D Government Tax Incentive? Get in touch with Sash and the team at Wilson Pateras! Learn more and determine your business’ eligibility here.