What is the R&D Tax Incentive program?
Are you the owner of a small to medium-sized business and have come up with an innovative solution to one more problem in your business?
Have you developed a new product feature or design, or have you developed a new process or manufacturing method that is new in your industry?
You may be doing R&D that is eligible for the R&D Tax Incentive and not even know it. Perhaps you have heard about the R&D Tax Incentive programme, but don’t know how to access it.
If you are a small business (turnover < $20M), then you could be entitled to a tax refund or credit of up to 43.5% of your R&D expenditure. See R&D Tax Incentive changes in 2020/2021 Budget.
TechAbstract was born from the company’s director Jamie Collins time at AusIndustry as a field auditor of the then R&D Tax Concession and the knowledge gained a decade ago coupled with STEM substance has produced
You are the owner of a small to medium-sized business. Or, perhaps you are the Chief Executive Officer, Chief Technical Officer, Chief Operating Officer or even the Chief Financial Officer in a small to medium-sized business. You could even be the accountant for this business.
Many small businesses do R&D and don’t even realise it. Forget about R&D stereotypes – you don’t need to be a high-tech company doing cutting-edge research and development.
You could be baking bread, making chocolates or developing innovative software applications. You just need to have worked out a new solution to a problem in your business. See Who can claim the R&D Tax Incentive and R&D Tax Incentive – what is it?
If any of this sounds like you, you really should contact Tech Abstract R&D Tax Incentive for a complimentary meeting where we can discuss your R&D with you and give you an initial assessment of whether you may be eligible for the R&D Tax Incentive.
CTO at Cognitive Software Group
Software research in knowledge science is pretty abstract at the best of times. At CognitiveAI we have sought help from a number of organisations, from big 4 to individual specialists in claiming R&D rebates. Despite initial acceptance by AusIndustry almost all claims were overturned retrospectively.
We have now employed Jamie Collins and Ian Combes from TechAbstract. They have exhibited a deep understanding of the AusIndustry requirements and have been able to describe our research in terms that AusIndustry can relate to. Ian immersed himself in the complexities of our research and when he had a thorough understanding he was then able to explain it understandably! This was the missing factor in all the previous attempts. The previous explanations were inadequate as they did not realise the importance of actually understanding what we were doing, why we were doing it and where it fitted into the broader research spectrum. I highly recommend TechAbstract.
Why you need an R&D Tax Incentive specialist
An R&D Tax Incentive consultant will have an intimate knowledge of the R&D Tax Incentive requirements and can ensure that your application is fully compliant (See R&D Tax Incentive – eligibility) whilst ensuring that you claim all the eligible R&D activities that you are entitled to.
As with other government assistance programs, there is documentation that must be prepared for both the AusIndustry and the ATO R&D Tax Incentive applications.
An R&D Tax Incentive consultant can prepare both AusIndustry and ATO applications, demonstrating your compliance while minimizing your time requirements.
More Information about the R&D Tax Incentive
The best thing you can do is discuss your R&D with an R&D Tax Incentive consultant. It costs nothing and will answer all your questions.
However, if you are keen to know more about the R&D Tax Incentive before you talk to a consultant, there are a variety of resources available on the AusIndustry website (see Offset your R&D costs to help innovate and grow your business) and here on TechAbstract webpage that explains:
- What the R&D Tax Incentive is, and how it works
- Who can claim the R&D Tax Incentive, what you can claim, and how much you can claim.
- How to identify the right R&D Tax Incentive consultant for you
- How to get started with the R&D Tax Incentive
How TechAbstract can help
Why engage TechAbstract? Tech Abstract is a specialist in the R&D Tax Incentive – it is all we do, so we are very good at it.
If you engage TechAbstract, we will ‘dive’ into your R&D activities and extract all the eligible activities under the R&D Tax Incentive.
- We know that your time is valuable and that you want to minimize your time commitment as much as possible.
- We also know that you want to claim as much of your R&D as you can
- However, you also want to be confident that your application is not only eligible and fully compliant but readily assessable as such by AusIndustry.
Once we have registered your R&D with AusIndustry, we will work with your accountant to identify all eligible expenses related to the claimed R&D activities and file the R&D Tax Schedule with the Australian Taxation office.
R&D Tax Incentive Case Studies
TechAbstract has overseen over 300 successful applications for many Australian businesses. Check out some of our case studies to gain a better insight into some of the clients we have helped.
Industries we service
TechAbstract has clients in the following industries:
Food & beverage
Building & construction
Need assistance with your R&D Tax Incentive application?
Speak to the expert team at TechAbstract today