Why You Need an R&D Tax Incentive Expert Consultant
For almost a decade, Rimon Advisory has assisted hundreds of startups, SMEs and listed companies reclaim their R&D costs.
Total R&D Spend
Your R&D Cash Back Benefit*
Today, every business is an innovative business.
Your business– Is an innovative business.
The Incentive Simplified.
If you are investing time and money into developing new knowledge and innovation, your business may be eligible to recover up to 43.5% of your eligible R&D costs in the form of cash. The benefit is your business’ to keep – no need to pay it back or sacrifice any equity.
Why should I solicit a R&D Tax Incentive consultant when I can apply myself?
Akin to many tasks in life, although we might be able to perform something ourselves, it usually is in our best interests to bring in a specialist.
You most probably have the aptitude to handle your own taxes and fix a leaking pipe, but you would prefer to engage an accountant and a plumber because you know the outcome will be of greater quality, there’s no learning curve, and you’ll save a tremendous amount of valuable time.
In this case, submitting your R&D Tax Incentive is no different, except for the fact that it is far more complex and time consuming than fixing your leaky pipe…
What does a R&D Tax Incentive consultant do?
Your R&D Tax Incentive consultant can:
- Assess your eligibility to determine whether it is even worthwhile proceeding.
- Extrapolate key information from you regarding your technical development.
- Write your AusIndustry Registration technical report.
- Conduct a thorough analysis of your financials to ensure that all relevant expenses have been captured.
- Perform all duties according to the rules and regulations surrounding the incentive as outlined by the Tax Legislation to ensure compliance.
Now as simple as that may sound, it isn’t. The R&D Tax Incentive is a critical element of Australia’s Tax Legislation and is complex. Seek out a consultant who you believe is a true specialist in this area and is committed to performing the above tasks for you.
Why should I use Rimon Advisory as my R&D Tax Incentive Consultant?
For almost 10 years Rimon Advisory have been leading R&D Tax Incentive Consultants and we have been able to achieve sustained success for several reasons:
- We have invested in acquiring the best technical talent so that we are able to acutely understand your technical development and articulate it in your report.
- We are constantly refining our financial procedures to ensure that we capture all identified R&D related activity, and are able to rationally justify why each expense is being claimed in the manner in which it is.
- Due to the emphasis we place on compliance, our clients are well prepared for any audits and we have an exceptional success rate.
- Rimon Advisory is committed to providing the best service possible, which is why we endeavour to absorb as much of the work required as we can. Ultimately, this manifests in saving you valuable time, so you can focus on running your business while we handle your claim.
- You can take comfort in knowing that this is what we specialise in; we've done it several hundred times each year with great success.
Critical R&D Tax Incentive Questions Explained
What are the eligibility requirements?
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.
What are commonly claimed expenses?
| R&D staff salaries and wages | R&D contractor fees | Industrial design |
| Software development | Formula formulation | Prototype creation |
| Product testing | Engineering costs | Manufacturing line automation |
| Lab costs and testing | Patent new knowledge costs | R&D machinery |
| R&D rent | R&D overheads | R&D utilities |
What bodies regulate the R&D Tax Incentive and are there audits?
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.
What benefit will my company receive?
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.
What is the application process?
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.
When do I have to apply by?
The application deadline is typically 10 months after the financial year end of your R&D entity.
| YEAR END | DEADLINE |
| 30th of June | 30th of April |
| 31st of December | 31st of October |
Some of the industries our clients operate in
Fashion & Cosmetics
IT & Software
Hardware
Health & Medical
Manufacturing
Robotics
Food production
Logistics
Process Automation
Mining
What our clients say
Wondering if your business may be eligible for the R&D Tax Incentive?
We have created a few quick questions that will help you find out:
* For a full explanation on the different R&D Tax Incentive Benefits please click here.