TaxTrex
TaxTrex

Are you prepared for an AusIndustry review?

Receiving an AusIndustry ‘Request for Further Information’ (or RFI) can be a daunting thing. The important thing to remember that all companies at some point in time will be monitored through the AusIndustry Compliance Continuum. The RFI is just one of the ways for AusIndustry to gather information for this purpose.

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As the R&D Tax Incentive is a self-assessed claim, AusIndustry issues RFIs to ensure that all companies claiming the incentive remain accountable for their claims. Hence, the importance of maintaining good records of substantiating documents. A recent decision by the AAT (NaughtsnCrosses Pty Ltd and Innovation Australia) clearly outlined the requirement for companies to have documentation to show:

  • that the activities being claimed actually occurred; and
  • that the activities followed the experimental process of hypothesis to experiment, observation and analysis, leading to conclusions.

How can we help?

Swanson Reed provides specialist expertise across a wide range of industries and has assisted many clients attain tax cash savings under the R&D regime.

Swanson Reed have successfully defended audits covering issues such as ‘on own behalf’, ‘guaranteed return to investors’ and ‘R&D tax incentive eligibility’ for our clients. We regularly manage AusIndustry compliance continuum reviews. Throughout the audit process, we will:

  • hold your hand through the whole event while advising you on the most prudent actions;
  • reduce your stress levels by attending the audit with you and liaising with the assessor on your behalf;
  • prepare a straight forward and simple audit management plan; and
  • assist with articulating and documenting an argument directly to the AusIndustry and/or ATO assessor.

Forward Audit planning with TaxTrex – R&D tax claim and documentation software

TaxTrex will:

  • document your future R&D claims in real-time with three simple 20 minute surveys
  • reduce your ongoing R&D consulting firm fee costs and time to compile a claim
  • providing real-time risk assessment alerts to help you prevent a compliance issue

For more information please Contact Us or watch this short video