Accurate reporting and record-keeping are critical parts of an R&D Tax Incentive claim.
These are two of the most vital elements for businesses seeking to access the program as they underpin the eligibility of the claim for reimbursement of up to 43.5 per cent of research and development expenses.
Our services are designed to empower businesses to access the R&D Tax Incentive. We help businesses to develop a streamlined reporting and management process that assists them to track their relevant activities over the applicable period.
Better reporting leads to more efficient lodgment, as the information is already collated and ready for submission via the AusIndustry online R&D Tax Incentive portal.
This guide outlines 5 ways in which we can help to increase compliance via effective record-keeping for the purpose of increasing the intensity of your R&D Tax Incentive claim.
1. Clearpoint Ventures ensures you correctly align relevant company records with eligible R&D activities
Ensuring that you are conducting eligible R&D activities in a suitable business structure is a critical component when submitting an R&D Tax Incentive claim. We can ensure, from the outset, that your company can identify, track and document all eligible R&D expenses. An easy-to-follow audit trail assists those assessing the eligibility of your claim and increases your ability to respond efficiently to an audit.
2. Clearpoint Ventures makes it easier to document and claim individual R&D activities
Our team works with you and your accountant to accurately record all eligible expenditure directly related to the supporting and core experimental activities of your R&D project. This means that you can make R&D Tax Incentive claims for all eligible expenditure.
3. Clearpoint Ventures helps calculate your R&D Tax Incentive claim expenses correctly
Companies can easily miscalculate their eligible R&D Tax Incentive expenditure. We help avoid this by ensuring that all expenditure is tracked correctly, and linked directly to its R&D activity. We also explain how your R&D Tax Incentive claim will operate with your other tax affairs and ensure you get the appropriate advice from your accountant. This empowers you to make critical budget decisions as you have a clear understanding of the actual benefit of your R&D Tax Incentive claim to your business.
4. Clearpoint Ventures ensures effective record-keeping for a healthier claim
Our team helps you to ensure that you keep accurate and updated records of your R&D processes including records of all experiments undertaken throughout the project and not just the results such as:
- All core and experimental activities undertaken
- All supporting activities, including how they relate to the core or experimental activity
- Staff and contractor or consultant time spent on eligible R&D activities
- Proof that activities were undertaken to generate new knowledge
- Proof that an expert couldn’t determine the final outcome in advance
5. Clearpoint helps capture all supporting R&D activities and expenditure
We help you capture the lifecycles of your R&D project so you can demonstrate a systematic approach that meets the criteria outlined by the Australian Tax Office and AusIndustry, including how a hypothesis or hypotheses were tested during the relevant time period
With our R&D Tax Incentive knowledge, we can help to document and link all relevant R&D expenditure, allowing you to easily calculate the actual value of your claim.
Need assistance with managing and tracking your R&D activities? Book a time to chat with us here.