TaxTrex
TaxTrex

R&D Tax Incentive – growing Aussie innovation

The future of the Australian economy can be linked to our innovate capacity. Prime Minister, Malcolm Turnbull, believes fostering innovation will see Australian into a prosperous future. This is a great incentive for anyone thinking to invest in clever ideas or side projects. Turnbull plans to create a future Australia that is agile, innovative and creative.

Among the current government programs that support and stimulate Australian innovation is the R&D Tax Incentive, which has proven to be one of the most successful. Thousands of companies benefit from the program, enabling many to stay within Australia to innovate, and build on economic productivity.

Moreover, the program allows companies from many differing industry sectors the ability to innovate and compete on a global stage. Outstanding Australian companies have been highlighted by the federal government itself as using the program as a platform for growth in Australia, including Cochlear, Buderim Ginger, Gekko Systems, SMR Automotive and Textor Technologies.

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To be eligible for the program, companies should ensure that they have the appropriate systems and processes to effectively identify, evaluate and record eligible R&D activities and their associated expenditure. This is the best way to make sure that you comply with the program’s requirements.TaxTrex software bridges the gap between R&D adviser, accountant, and the client, as it assists in substantiating the scientific process and purpose of the conducted activities.

How does TaxTrex work?

TaxTrex is based on academic research conducted by Swanson Reed and works by issuing three surveys at regular intervals during the year.

Relevant information necessary for the R&D claim will be:

  • extracted,
  • time-stamped; and
  • securely stored.

The information gathered through the surveys will assist in substantiating the scientific process and purpose of conducted activities.

The reports generated from the surveys will be useful in defending a claim in the event that is reviewed or audited.