WHAT WE DO
OUR SERVICES
Maximise
We make sure you get all you are entitled to for both research and development
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Revise
We revise your R&D plan to ensure it is consistent with the legislation
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Review
We review your existing R&D plan to ensure it will pass review by the department
Who are we?
We are a consultancy that understands R&D. Collectively we have been involved in this area for decades including involvement in the governance of AusIndustry programs, key roles in the R&D Tax Incentive (RDTI) Scheme, service on the R&D Incentives Committee of Innovation and Science Australia and engagements as specialist advisors to the program.
We are not tax advisors. We will not be giving out tax advice related to R&D. We can develop R&D plans for clients that will be acceptable for the R&D Tax Incentive Scheme.
What we do
R&D Certainty creates R&D Plans that:
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Guide what the people in your organisation do in order for their activity to be eligible for the R&D Tax Incentive.
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Are suitable to be lodged as an application for an Advance Finding by the Department that, if granted, will provide certainty that your planned activities are eligible under the R&D Tax Incentive Program. This is detailed in guidance from the department. specifically:
What is an Advance Finding?
An Advance Finding is a finding by the Board, under section 28A of the Industry Research and Development Act 1986 (IR&D Act), about whether an activity meets the requirements in the Income Tax Assessment Act 1997 to be either a core R&D activity (as defined in section 355-25) or a supporting R&D activity (as defined in section 355-30).
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An Advance Finding is intended to provide companies with certainty that planned activities are eligible under the R&D Tax Incentive programme.
An Advance Finding can be sought in relation to:
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activities conducted in the current income year, whether completed or commenced in that year; and
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proposed activities to be conducted in the subsequent two income years.
We also assist you in working out how to beneficially extend your business into R&D in order to maximise growth and margins.
Finally we assist your team in keeping the records necessary to substantiate a claim.
What's the problem we are trying to solve?
The R&D Tax Incentive is a program that has evolved over many years as something that is self-assessed in arrears when companies are preparing their tax return, usually with the help of their tax advisor or specialist R&D advisor.
In recent years audits and reviews by the department and the ATO have found that a large number of applications are not eligible or partially eligible leading to refunds being clawed back and an impression that the RDTI is difficult to claim, particularly for certain industries.
In our experience the program is not difficult to claim provided your R&D meets the legislative definition and is well documented. We aim to make it easy for many more Australian companies to claim the RDTI, get signifcant cash back to fund their growth and do more R&D to become more competitive and stronger
How can we help you?
Many businesses do not have an R&D plan that provides the information required for applications to the R&D Tax Incentive Scheme in the format that they require. We can work with your team to produce a R&D plan for your business that will allow you to access these generous rebates.
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The most common reasons for applications to the R&D Tax Incentive Scheme failing are:
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No eligible core activity (ie the core activity provided doesn't meet all of the requirements for a core activity)
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Inadequate documentation to support the eligibility of the core activity and that demonstrates that it was actually done
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Claiming expenses that aren't eligible
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Claiming supporting activities that lack a direct, close and relatively immediate relationship with a core activity
RDTI and COVID-19
There are several ways that the R&D Tax Incentive Scheme (RDTI) can assist businesses during the hard economic times ahead with the impacts of the COVID-19 Pandemic. The RDTI can assist with added revenue and staff retention.
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For example:
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You have a member of staff that you don’t have work for but would really like to retain. Say that person is paid $100k per year plus you spend another $50k on their office rent, phone, computer and the admin and finance tasks required to support and pay them.
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If that person is diverted to doing R&D the Government will give you up to $65,250 in cash on top of any other rebates and stimulus measures you are eligible for.
What is R&D Planning?
In order to comply with the R&D Tax Incentive Scheme an applicant should have a R&D plan that clearly states what they want to do, how they are going to do it and includes full records of research and development activities.
R&D Certainty will work with you and your team to produce a R&D plan that meets the specific requirements of the act and thus ensures that your application will be successful.
Free Consultation
Book in a half hour FREE consultation with one of our consultants.
Let's explore what R&D Certainty can do for you!