This is an alarm bell. Great tax consultants should not have their work regularly audited.
Of course, you need a consultant that knows how to handle this situation because from time-to-time it does happen. And that’s ok, because the government is tasked by tax payers to be responsible for money it grants to business.
What you might not know, is that the ATO and AusIndustry target consultants they are concerned with. In recent years, there has been a clamp down on overly aggressive claims, inexperienced and incorrect claims. You may have heard about this in the media and you might be afraid of what it means for you.
We asked both the ATO and AusIndustry. They told us they will not exceed the guidelines, they are just enforcing them to make sure they only support eligible applicants. Which is good news, unless you are doing the wrong thing.
So where does that leave you with your R&D Consultant? Can you trust them?
Here are our 5 tips to stay on the good side of Government:
- Don’t be dodgy. Only claim what you are entitled to and do not exceed the legislation.
- Finding out it an audit that you don’t have the right information or back-up documentation is a recipe for disaster. Do the job right the first time. It might take more time and effort, but you get peace of mind.
- Be experienced with the legislation, guidelines, case law and history. You cannot navigate the maze if you can’t read a compass.
- If in doubt, ask. The government is not the enemy. We work closely with AusIndustry and the ATO. If we have concerns or questions we raise it with them early. They are more than happy to help and they really do want you to succeed.
- If you are not sure if your consultant is safe, get a second opinion. We regularly do health checks for companies. We don’t charge and it only takes one hour. Some companies are fine while others need help. We want you to do well in your business and to focus on what matters most to you, so we will always give you an honest opinion to you can put your best foot forward.
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.