The Research and Development Tax Incentive (R&DTI) registration deadline is just around the corner. Submissions will close on 02 May 2023 for applicants with a financial year that ended on 30 June 2022.
If you conducted eligible R&D activities and wish to access this tax rebate, be sure to keep your R&D documentations up-to-date and easily accessible for when required by the Australian Taxation Office (ATO).
Maximising R&D Tax Rebate
The R&DTI application is self-assessed. This means that your claims are based on the documents you present congruent to your R&D activities. It is very important that you understand the eligibility criteria of what constitutes as eligible R&D activity. To know more about this, you can instantly download our R&D tax incentive ebook to know what an eligible R&D activity looks like.
Time and again, we cannot say enough how important record keeping is. We’ve put together practical R&D Tax Record Keeping Tips that you can easily build into your business processes without any disruption or down time.
Lastly, compliance. You need to substantiate every claim you put in your application. Because R&D tax rebate lodgement is self-assessed, chances of committing errors, whilst unintended, are quite high. This may result in a review by the AusIndustry. Should this happen, don’t panic! It simply means that they need to double check certain things in your application. Our blog on How to Respond to AusIndustry Reviews for R&D Tax will give you an idea of what happens if you receive a letter, alongside action points.
Talk to Qualified Experts
The R&DTI is an incentive program that allows innovators to access funds through rebates. The idea is to encourage more R&D activities to keep organisations competitive, if not industry disruptive, in today’s rapidly shifting landscapes. The best way to make sure you get the most out of your R&DTI application is through qualified R&D tax consultants. Treadstone R&D tax consultant have been helping companies with their R&D tax rebates claims for over a decade, with strong brand under our belt.
We have 14 years of experience preparing EMDG claims and can assist in making sure you receive your maximum rebate.
Working with us means you get the maximum grant with minimum risk and effort. Our expertise includes R&D Tax Incentive registration and tax schedules, Export Grants, Capital Expenditure and Infrastructure Grants.
Get in touch with us and let’s discuss this more in detail.
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