Pursuing excellence in R&D

Businesses conducting R&D in Australia, as a proportion of Gross Domestic Product, is declining. Moreover, as Australia falls behind, other nations are advancing far ahead by increasing their investments in innovation. Hence, creating a modern knowledge-based economy, creating jobs and fueling the commercialisation of new ideas, all whilst leaving Australia behind in the dust.

However, Prime Minister Malcolm Turnbull is being applauded for creating much needed momentum in regards to innovation, science and technology. With the warmly welcomed Innovation Statement being released earlier this week, innovative Australian’s are beginning to feel optimistic about the government’s focused agenda for enhancing innovation.

Not only is the innovation statement encouraging and investing in innovators to keep on innovating, it is asking those who aren’t, to start. As stated, we are nation that falls behind in R&D, which is a critical driver for innovation. Hence, Australian’s must continue to invest and pursue excellence in R&D to drive it’s innovation competitive edge on a global scale.

This is why the widely used R&D Tax Incentive is now more important than ever. It encourages Australian businesses to take the risk in developing current and new products, services and processes to keep them competitive in the global marketplace. Additionally, it provides assistance to entrepreneurs and startup companies to commercialise their ideas in order to enter global markets.

If Australia is going to succeed in the global marketplace, the products and services we create must be innovative, smart and competitive. With innovative R&D currently high on the government’s agenda, now is the perfect time for businesses to continue or start thinking about conducting R&D. This is not only important for businesses to develop and grow, but it is also for the greater good of the nation.

Think you might be eligible to claim the R&D Tax Incentive?

A common mistake many businesses make is assuming they cannot claim the R&D Tax Incentive if they don’t have breakthrough research or onsite labs. Or, they may have concerns about triggering an audit, or fear that the process will be too complicated. But in fact, if you have a small-to-medium sized business and you employ engineers or outsource product testing, you are most likely eligible to claim the R&D Tax Incentive.

TaxTrex uses R&D software to make the claim process as simple as possible. TaxTrex is the first software to systemise and simplify the R&D tax claims process. TaxTrex accountancy software helps accountants easily manage their clients’ R&D claims. This is innovative and unique software built on a foundation of scientific research and up-to-date R&D case law.

Track your projects in real time

TaxTrex’s three annual surveys provide an up to date and verifiable overview of your research progress. Each survey is time-samped digitally, which will help you defend your claim in the event of an audit. Learn more

Risk assessment

Our innovative risk assessment algorithm will identify any potential issues with your R&D project. If a compliance risk is identified, our team will work with you to ensure your claim accurately meets AusIndustry’s requirements.Learn more

Real-time reports

TaxTrex surveys are digitally time-stamped to ensure the scientific process is recorded as it occurs. This unique feature acts as a proof of your research progress, and will help defend your claim in an audit.Learn more

Document storage

TaxTrex’s unique document storage facility provides a central location where all your R&D documents can be saved. If you are audited, you can simply access this facility and download all your supporting documents.Learn more