TaxTrex
TaxTrex

Start substantiating your FY16 R&D tax claim!

With the FY15 R&D Tax Incentive deadline drawing closer, companies should not only be finalising their current claims, but looking forward to substantiating their FY16 claims. Leaving substantiation to the last minute can put your claim at risk of an AusIndustry Audit

R&D

The R&D tax incentive offered by the federal government is obtainable to Australian corporations that are incorporated under Australian law. The incentive aims to increase Australia’s innovation, competitiveness and grow the amount of export-oriented Australian industries. However, as at June 2014, fewer than 12,000 performing entities had registered for its benefits.

In fact, most SME’s don’t think they meet the eligibility criteria. Before assuming that your business is not eligible, ask the following questions:

  • Are you developing new or improved products or processes?
  • Does the process require significant technical risk or innovation (or both)?
  • Does at least one project contain systematic testing or experimentation?

If you’ve answered ‘yes’ to the above questions, you may be eligible to claim a R&D tax incentive for your incurred costs. Furthermore, you will need to substantiate that the activities you have conducted are eligible core and supporting R&D activities. TaxTrex can help with this process. The ATO reports the highest error rates for R&D claims are made by accountants that lodge less than five claims a year.

82% of accountants think that preparing R&D claims without specialist help is too risky. TaxTrex has been designed by Swanson Reed to cut through the complexity and take the pain out of the claim process.

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