TaxTrex
TaxTrex

Research and Development for small businesses

Companies with turnover of less than $20 million are the key attributors to the surge in R&D spending in Australia. The federal budget forecast that the spending on R&D would jump from $2.9 billion in FY15-16 and FY16-17 to 3.9 billion in FY19-20.

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This can be accredited to the R&D Tax incentive, which encourages companies to take the risk in conducting R&D activities to improve their businesses. Additionally, the surge in R&D by small firms is being driven by the lower dollar, making local research more competitive and the shift from sectors such as mining to digital disruption and technologies. This disruption has a flow on effect. The disrupters are conducting R&D to disrupt markets which results in the market responding with R&D to keep up with and manage the disruption. Additionally, this has been complemented with the encouragement of innovation lead by Prime Minister Malcolm Turnbull who backs innovation to drive a Australia into a prosperous future post the resources boom.

Research and development (R&D) is a valuable tool for growing and improving your business. R&D involves researching your market and your customer needs and developing new and improved products and services to fit these needs. Businesses that have an R&D strategy have a greater chance of success than businesses that don’t. An R&D strategy can lead to innovation and increased productivity and can boost your business’s competitive advantage.

If you would like more information on how to use the R&D Tax Incentive to drive your businesses R&D program please Contact Us.

What is TaxTrex?

TaxTrex reduces the risk of an AusIndustry audit by providing tools to manage an R&D claim service in-house from initial assessment to the claim submission. 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 of a review or audit.

For more information please Contact Us