Maximising Your R&D Tax Incentive with Proven Expertise
At Rimon Advisory, we excel in guiding businesses through the intricacies of Australia’s R&D Tax Incentive. Recognised as a leading authority in the field, we have partnered with thousands of companies to unlock government funding that drives growth, fosters innovation, and opens doors to new markets.
Our approach combines meticulous technical and financial expertise, a deep understanding of real-world business challenges, and a proven track record of securing over $250 million in funding. We work to maximise the cash you receive, minimise risks, and ensure compliance, all while requiring minimal time and effort on your part.
So, how do we do it? Below is a detailed breakdown of the process we follow to ensure you get the most out of the R&D Tax Incentive.
Step 1: 1-2 weeks
Initial Assessment & Onboarding
The first step is to lay a solid foundation by evaluating your business’s eligibility and setting you up for success. We tailor this stage to ensure your activities, finances, and company structure match all R&D Tax Incentive requirements.
Activities Included
- Detailed assessment of eligible R&D activities.
- Evaluation of company structure to ensure compliance with regulations.
- Analysis of financial expenditure to confirm eligibility.
- Signing of a proposal and confidentiality agreement to protect your sensitive information.
Duration
1-2 weeks
Step 2: 2 weeks
AusIndustry Application
This step involves preparing and submitting a strong application. It involves gathering technical and financial details to showcase the value of your R&D projects and obtaining industry approval.
Activities Included
- Conducting a comprehensive R&D technical workshop and preparing a detailed report.
- Preparing and calculating the initial financial request to ensure accuracy.
- Conducting an internal compliance review led by senior team members.
- Finalising and reviewing the application before submission.
- Completing registration with AusIndustry.
Duration
2 weeks
Step 3: 1-2 weeks
Preparing the R&D Tax Incentive Schedule
With AusIndustry registration completed, we move on to preparing the R&D Tax Incentive schedule. This involves meticulous calculations to ensure full compliance and maximise your eligibility.
Activities Included
- Requesting final financial documents and a draft tax return.
- Performing a detailed review of financial calculations for accuracy and reasonability.
- Conducting a second internal compliance review led by senior team members.
Duration
1-2 weeks
Step 4: 2 weeks
Submission of the R&D Tax Incentive Schedule
Now it’s time to include the R&D Tax Incentive in your company’s final tax return submitted to the ATO.
Activities Included
- Sending the final R&D tax schedule to the client for review and sign-off.
- Addressing any remaining questions from your accountant.
- Including the R&D tax schedule in the final company tax return.
- Submission of the complete tax return to the ATO.
Duration
2 weeks
Step 5: 1-2 weeks
Receive Your R&D Benefit
This is where the effort pays off! Your business receives financial benefits depending on its profitability and turnover.
Entities <$20M in Aggregate Turnover
- 43.5% benefit
- Cashback for loss-making entities.
- Tax savings for profit-making entities.
Entities >$20M in Aggregate Turnover
- Between 8.5% - 16.5% tax savings or increases in tax loss benefits.
Duration
1-2 weeks
Step 6: 1 week
Prepare for the Next Claim
To keep things running smoothly for future claims, we analyse the experience and discuss operational improvements for enhanced efficiency.
Activities Included
- Reviewing and refining procedures for the new R&D cycle.
- Suggesting procedural updates to improve efficiency for future claims.
- Aligning the timeline for your next claim to optimise outcomes.
Duration
1 week
What our clients say
FAQs
Why is early R&D tax advice important in the application process?
Seeking early R&D tax advice helps businesses structure projects correctly from the start. This ensures that when you prepare your R&D tax incentive application, activities and costs are aligned with AusIndustry and ATO requirements. Early-stage advice also streamlines your R&D grant application, reducing errors and maximising eligibility.
What are the most common mistakes in an R&D tax incentive application?
Typical errors include incomplete documentation, misclassifying expenses, or overlooking eligible activities. Without professional R&D tax advice, businesses risk rejection or reduced claims. An experienced advisor ensures your R&D tax incentive application is compliant, supported by evidence, and aligned with regulatory expectations. Many companies also underestimate the detail required in an R&D grant application.
Can a business prepare an R&D grant application without external support?
Yes, but it is challenging. Preparing an R&D grant application requires understanding legislation, drafting technical reports, and accurately calculating offsets. Most businesses choose to seek professional R&D tax advice to avoid mistakes. An expert can guide you through each stage of the R&D tax incentive application, reducing risks and increasing the likelihood of a successful outcome.
How long does it take to complete an R&D tax incentive application?
On average, the process takes 6–8 weeks depending on the complexity of your R&D projects. An early R&D grant application starts with assessing eligibility and documentation. Professional R&D tax advice can speed this up by identifying gaps early and helping with compliance checks. A well-prepared R&D tax incentive application often leads to faster processing and quicker receipt of benefits.
What documents are essential for an R&D tax incentive application?
Businesses should keep technical reports, staff time sheets, invoices, and experiment records. Strong documentation is critical for both an R&D grant application and an R&D tax incentive application. With the right R&D tax advice, you’ll know exactly what regulators expect. Preparing documentation properly is one of the key differences between a rejected claim and a successful outcome.
How does R&D tax advice improve compliance during the process?
Professional R&D tax advice ensures your submission aligns with AusIndustry’s definition of R&D and the ATO’s expenditure requirements. This reduces the risk of audits or penalties. When applying, businesses often rely on advisors to strengthen their R&D tax incentive application and their broader R&D grant application, giving confidence that all activities meet legislative requirements.
What is the difference between an R&D grant application and an R&D tax incentive application?
An R&D grant application is typically used as a broader term for securing government support, while an R&D tax incentive application specifically refers to the program administered by AusIndustry and the ATO. Both require strong documentation, but the incentive application follows a structured tax process. Seeking professional R&D tax advice helps businesses understand the differences and prepare effectively for both.
When should a company start preparing its next R&D tax incentive application?
It’s best to prepare continuously rather than waiting until year-end. Good record-keeping, supported by ongoing R&D tax advice, makes the next R&D grant application more efficient. Many companies start planning their next R&D tax incentive application immediately after submitting the previous one. This ensures activities are tracked in real time and compliance issues are avoided.
Can R&D tax advice help maximise the size of my claim?
Yes. Strategic R&D tax advice identifies all eligible activities and expenditures, ensuring nothing is missed in your R&D grant application. When preparing your R&D tax incentive application, advisors calculate offsets accurately, apply the correct rates, and ensure claims withstand scrutiny. This often results in higher financial benefits than self-prepared applications.
What happens if my R&D tax incentive application is audited?
If regulators review your submission, clear records and strong support from advisors are crucial. An experienced consultant provides detailed R&D tax advice, prepares responses, and defends your R&D grant application. A compliant and well-prepared R&D tax incentive application usually passes audits with minimal issues, especially when supported by professional documentation.
Why Choose Rimon Advisory for Your R&D Tax Incentive?
When you work with us, you’re tapping into decades of experience, unparalleled attention to detail, and a personalised approach. We don’t just help you claim your benefits; we optimise the entire process, ensuring you can confidently and easily keep investing in innovation.
Partner with Rimon Advisory today and take the first step toward maximising your R&D Tax Incentive!