We Are R&D Tax Incentive Expert Consultants

1. Only an incorporated Australian entity and a non-tax exempt Australian corporation can submit a claim.

2. The entity must be able to demonstrate expenditure of at least $20,000 relating to eligible R&D in the financial year being claimed.

3. Only R&D activity which was carried out on-shore (in Australia) is claimable.

4. The entity must conduct, or plan to conduct, at least one eligible Core R&D activity.

You can learn what constitutes a Core R&D activity here. 

There are two governing bodies for the R&D Tax Incentive:

1. AusIndustry: concerned with compliance regarding the eligibility of your company's actual R&D activities.

2. ATO: concerned with compliance regarding the R&D tax offsets allowable for your company's R&D activity and quantifying the value of those activities.

There are a few factors to consider here:

1. Does the R&D entity earn more than $20M in revenue? If yes, then the entity is entitled to a non-refundable benefit.

2. Is the R&D entity incurring a loss? If yes, the entity is entitled to a cash benefit.

3. Is the R&D entity turning a profit? If yes, the entity is entitled to a tax-saving benefit.

To understand this in greater detail, click here.

If you want even more information on this question, you can also read about it here.

Rimon Advisory conduct the following process:

1. Eligibility assessment

We want to be confident from the outset that your company meets the eligibility criteria and that the possible benefit of a claim outweighs the required effort.

2. Technical Workshop

Every claim is unique, so we want to make sure we have a very deep understanding of your activities so we can accurately articulate your development in your technical report. 

3. Registration Form

The outcome of our technical workshop is the completion of your report which is submitted to AusIndustry to formally register your claim. All you need to do here is review the report we have written for you and either sign off or suggest amendments.

4. Income Tax Return

Once our technical team has identified your entity's eligible R&D activity, our financial team will work to quantify those activities using rational reasoning to ensure compliance. At this stage, the financial team may need to clarify certain line items in your financial statements.

5. Receive Tax Offset

The net benefit and waiting period to receive your tax offset will vary depending on the size of the claim and the company's profit/loss situation.

To speak with a Rimon Advisory R&D Tax Incentive Consultant, click here.

The application deadline is typically 10 months after the financial year end of your R&D entity.