Articles.

Staying Compliant from the Get-Go

When it comes to getting the most out of your R&D Tax claim, hiring an R&D Tax advisor is usually the best strategy.

In Australia, there are hundreds of companies offering R&D Tax Incentive services but only a few that truly specialise in R&D Tax alone. 

As an R&D Tax consultancy, Clearpoint Ventures have complete, hands-on services that can take the whole R&D Tax process off your hands. 

Engaging Clearpoint Ventures to do your R&D Tax is similar to purchasing audit insurance. Why? Because we keep your company compliant all-year-round and optimise returns. How do we do this?

Our fixed fee service is relationship-driven, so we typically begin with an initial meeting to get an in-depth understanding about your company and what R&D activities or projects your company is undertaking. 

We then conduct a pre-assessment measurement. We look at the business structure and how much money is being spent on R&D and whether applying for the R&D Tax Incentive is worth your while. If it is, and your company is eligible, we then look at a more comprehensive review of the business. This will include a longer meeting and will delve deep into the following:

  • Assessment of activities.
  • Spend assessment.
  • Eligibility of R&D expenditure. 
  • Company structure and how you operate. 
  • Identify risk factors.
  • Financial and technical information. 
  • Time tracking – which helps to set up systems to track R&D.

Once all this information has been gathered, we begin preparing the comprehensive claim ready for submission to AusIndustry, this occurs annually. We always aim to prepare and submit your claim soon after the financial year ends. This ensures you receive any refundable tax offsets as early as 2 months after the financial year end.

Participants should expect to be reviewed or audited within four years and the outcome of this depends largely upon the quality of R&D Tax service and advice you’ve received. With all-year-round audit support as part of Clearpoint Venture’s package, you can rest assured that if the ATO wants to question any part of the claim, we are here to handle it. 

So what do we think you should be looking for in an R&D Tax specialist?

  1. A good R&D Tax specialist will ask you questions about your operation and the specific technical aspects of your research & development program.
  2. They have questions and advice about the way you are costing and tracking your R&D program with the emphasis on documentation.
  3. When it comes to lodging the claim, they apply the calculation rules correctly.
  4. They are diligent about connecting the technical activities in your claim with contemporaneous technical documents.
  5. They are capable of handling questions on your behalf should the ATO or AusIndustry decide to assess your claim.
  6. Does the R&D Tax specialist quote on a percentage or success fee basis? Ask about the actual additional tax benefit you will eventually receive. Is this commensurate with the fee being charged (or the support being provided)?

Do you require help and guidance with your R&D Tax claim?

Contact the team at Clearpoint Ventures here.