The R&D tax incentive is a significant driver of innovation in Australia. It encourages companies to undertake R&D activities they might not otherwise be able to fund, but many companies find accessing tax incentives difficult and time consuming. Without someone to guide them through the process, some choose not to take this major step forward.
Our team of R&D tax specialists understand the tax incentives system and have extensive experience in successfully preparing applications and obtaining R&D benefits. This can be for both activities undertaken to acquire new knowledge; and information in relation to new or improved materials, products, devices, processes or services. Our team also advise on various grants programs funded by the Commonwealth and State governments - another major source of funding for R&D in Australia.
How BDO can help
BDO can help you access R&D tax incentives by:
- Identifying eligible R&D activities, including classification of ‘core’ and ‘supporting’ activities
- Reviewing technical documentation to support the eligibility of R&D activities, providing feedback as necessary to ensure the most robust R&D registration
- Analysing eligible R&D expenditure, ensuring proper scrutiny of the more complex rules regarding feedstock, capital acquisitions and ‘on own behalf’
- Preparing and negotiating advance findings to determine eligibility prior to lodgement
- Preparing applications for overseas findings for R&D activities conducted outside Australia
- Reviewing and advising on your internal systems and processes to make data collection and compliance more efficient
- Advising on the best way to structure future R&D projects to maximise your benefit.
To understand current grant funding opportunities for your industry, business or specific project, subscribe to receive our grants and incentives updates or contact a member of our team for assistance.