Applications for R&D Tax Incentive 2018-19 claims opened July 1. If you haven’t already it’s time to prepare now to access your incentive. The quicker you do, the sooner you will receive the cash refund you may be entitled to.
Here is the checklist we follow to get you ready, so why not start today?
- Confirm eligible entity. Remember that some corporate structures and IP arrangements may make you ineligible, so it’s good to review this each year prior to making a claim.
- Do you have eligible R&D Activities? Are you creating new knowledge and do you have a documented process that follows scientific principles?
- Are your R&D activities undertaken in Australia? If not, remember, you still have time to consider submitting a request for an Overseas Funding.
- Do you satisfy the On Own Behalf rules, relating to risk, control and IP ownership?
- How is your internal, contemporaneous documentation? It is really important you are keeping good timesheets and good internal records, especially around the knowledge gap you seek to bridge and experiments or tests you are undertaking.
- Do you have related entities also involved in the same R&D project? Remember if you wish to claim expenses, you may need to make sure they are incurred and paid by the claiming entity before 30 June.
- Your profit-loss position and your aggregated turnover may impact the way you receive your benefit. This can change each year, so its best to assess early so you know if you’ll get the same as last year, or not.
If you are feeling a little overwhelmed, please just get in touch. We can run this assessment for you quickly and over the phone. We historically have a very fast turnaround rate, so we can most likely get your money quickly.
GrantReady is a well-established team with a long history of successfully assisting companies access the R&D Tax Incentive.
Complete the form we’ll give you a free eligibility assessment or call us on 03 9853 9853.