The Streamlined Way to Submit Your R&D Tax Incentive Application

Could your business benefit from a quicker R&D tax incentive application process this year? Hunting down all of those documents can be a headache and a half, right?

The Gild Group has you covered. Savvy business owners across a varied range of industries are reducing their tax bills while simultaneously gaining the edge on their competitors through R&D.

Given the government’s shift toward supporting the economy, there is no time like the present to speak to our R&D experts so you can submit the highest application possible.

This article explores how to maximise your R&D tax incentive and what you can do to get the application process moving along more efficiently.

Is My Business Eligible?

In case you’re wondering whether your business qualifies for the grant … The good news is that the R&D tax incentives are an entitlement scheme, meaning that you’re NOT going up against a stack of other businesses in a battle for cash.

Bonus good news: applications are open to applicants across a number of criteria. Eligible entities for the R&D tax incentives include:

  • Companies incorporated in Australia under the Corporations Act
  • Companies that have undertaken eligible R&D activities
  • Companies that have incurred eligible expenditure

If your company has an aggregated turnover of less than A$20 million, you will be eligible to access the refundable tax offset as a cash refund to the company, which allows you to reinvest or extend your runway. All other eligible companies receive a non-refundable tax offset which reduces the income tax the business pays.

Is it the Right Time to Invest In R&D

Right now, at the tail end of the Covid-19 pandemic, it’s the perfect time to invest in R&D. Currently, economic recovery is front of mind for the government, so why not make the most of it?

Additionally, the government has noticed a trend in underinvestment in R&D. It was identified that this underinvestment in R&D and attributed it to organisations having difficulties finding external finance due to uncertainties around the likely success of their R&D projects.

Therefore, the grant is utilised to encourage and support businesses in relieving some of the initial strain that can come out of investing in R & D.

The Countless Ways to Leverage R&D Tax Incentives

So, what kind of technology can R&D tax incentives assist with? Just about anything.

Just for context, here is a range of examples from our clients:

  • Developing new software modules
  • A manufacturing plant’s employees spent time prototyping a more efficient process
  • Creating a new food substance from new materials
  • A biotech company developing a new product

The possibilities are endless if your business is using the incentive to conduct research, improve efficiency or develop a new product.

Struggling With The Traditional R&D Lodgement Process?

The first step in claiming the R & D tax incentive is to lodge an activity registration that describes your business’s R&D operations.

Secondly, supporting documents are required to back up the claims and assertions made on the R&D application. This includes tracking internal documents and reports, to detail aspects of the R&D project.

You’ll be asked to elaborate further on the outcome and purpose of the R&D. You’ll also need to register with AusIndustry (a government support body) and include this in your forms.

If this sounds like a lot of paperwork, it certainly is.


A Better Way To Get Your R&D Application Wheels in Motion, While Maximising Your Tax Incentive:

Sit back, relax, and let The Gild Group do the paperwork (and leg work) to get your R&D tax incentive claim in action.

The best part? The Gild Group ensures you’re putting your best foot forward when it comes time to prepare the claim. We already know all of the ins and outs to make certain you are maximising your tax incentive.

The R&D application process can be a tricky one. Fortunately, we have a streamlined process to make your claim as simple as possible:

  • We work alongside your technical team and accountant to identify eligible R&D activity and expenditure.
  • Next, we collaborate to prepare the application form and schedule
  • Finally, we lodge your application for you with the regulators and manage any queries

This is where you sit back to enjoy a few gin and tonics, after we’ve ticked off every last piece of that pesky paperwork, for you.

If you are wanting to maximise your R&D tax incentive while also saving plenty of your valuable time, get in touch.

It’s a no-brainer.