Why engage TechAbstract?
TechAbstract is a valuable partner for you to manage your R&D Tax Incentive (R&DTI) application. Although it might appear that R&DTI applications are simple enough – appearances are deceptive (see Using an R&D Tax Incentive consultant), so you need an R&DTI specialist on your side.
To explain why you need a specialist R&D Tax Incentive consultant, please read the review of the R&D Tax Incentive by the Australian Small Business and Family Enterprise Ombudsman’s Office (ASBFEO).
One of the observations they made was
“Given the complexity of the legislation, the R&D consultant should be an expert in the legislative aspects of the program; however, there is no guarantee that a tax agent with the R&D condition understands the rules of the R&DTI and has experience in assessing the validity of a company’s claim.”
Tech Abstract only provides services for the R&D Tax Incentive, so we have become very good at it, which means that we are experts in the legislative aspects of the R&DTI. We also have a wealth of experience assessing clients eligibility.
- TechAbstract is a registered tax advisor.
- All members of TechAbstract have STEM (Science, Technology, Engineering, Math) qualifications.
- All members of TechAbstract have industry R&D experience, covering a range of industries.
- We are expert on explaining complex technical concepts in simple terms – important for AusIndustry applications.
- TechAbstract has well over 300 successful R&DTI applications.
- TechAbstract has only had a small number of AusIndustry reviews – all successfully resolved.
- TechAbstract keeps a very close watch on changes in R&DTI legislation.
- TechAbstract is a regular participant in the NSW AusIndustry/ATO State Reference Group.
- The director of TechAbstract (Jamie Collins) has previously worked for AusIndustry as a field auditor.
TechAbstract is uniquely positioned to be aware of the range of mistakes that can be made by applicants with their R&D Tax Incentive applications, having been involved in every role in the R&D Tax Incentive process at one time or another – in AusIndustry, in R&D in Industry and as an R&D Tax Incentive consultancy.
TechAbstract are not only experts in the requirements of the R&DTI, but we are proactive in ensuring that there are no issues with our clients’ R&DTI applications. This level of care covers both the AusIndustry technical application and the ATO Tax Schedule application.
Most Tax Incentive consultants can be expected to take adequate care with the ATO Tax Schedule. Rather fewer do a quality job on the technical AusIndustry R&DTI submission. Therein lies the problem – the AusIndustry application needs to be accepted before the ATO Tax Schedule is required. Many R&DTI applications fail at the AusIndustry technical hurdle due to a lack of care or skill or technical knowledge. Never accept an explanation along the lines of “the AusIndustry technical narrative doesn’t matter” – it does.
TechAbstract is unique
Why engage TechAbstract? Because TechAbstract is unique in the industry:
- We have experience within AusIndustry, so we’ve seen many mistakes made by applicants and their R&D Tax Incentive consultants.
- We have extensive prior experience in R&D across a range of industries. We have strong technical skills and STEM qualifications, so we understand what R&D is and isn’t.
- We have prior experience being on the other side of the fence – dealing with other R&D Tax Incentive consultants when submitting Tax Incentive applications on behalf of R&D organisations during our time in Industry.
- TechAbstract (through our TechCheck subsidiary) has also had considerable recent experience helping new clients respond to AusIndustry reviews triggered by (very) poor work by other R&D Tax Incentive consultants abandoned the clients during these reviews.
Before you engage TechAbstract, we will sit down with you and carefully explain the process we follow when preparing your Tax Incentive application.
Please see The TechAbstract Process for an explanation of our process, the service we offer, what you can expect from, and what we expect from you.