R&D News & Updates

How will Synnch help you with your R&D Tax Incentive claim?

Synnch is an easy-to-use tool that will help you maximise R&D Tax Incentive claims.

 

What is the R&D Tax Incentive?

Research and development activity where you have conducted an experiment or trial to develop new knowledge which may be used in the development of new or improved materials, products, devices, processes in that field.

 

What do I need to do to claim?

The R&D Tax Incentive claim is submitted online through MyGov AusIndustry portal. You are required to show your research & development work; including hypothesis, research activity and outcomes, and clearly state the resources used toward this activity throughout the FY, including timesheets and materials.

 

Why Synnch is streamlining your reporting to maximise your R&D tax incentive claim:

  • Synnch is a tool designed to allow you to collect the exact data required for your R&D tax incentive claim, in a simple format, as you work.
  • The format is designed to capture data required in the AusIndustry application portal layout- so your claim is faster and more efficient.
  • With Synnch, you enter data regarding your R&D, including hypothesis, activity and tasks, and log resources against each task as you go. You can also enter research outcomes and next steps throughout your research activity, helping you to provide an in-depth claim built on the data evaluators need.
  • One point of truth- rather than entering data into multiple places, Synnch integrates with Xero to pull relevant timesheet data across, saving you time and ensuring your data is correct across all reports.

 

Get the data that matters.

  • R&D tax incentive claims and audits can be time consuming and costly, searching for data, timesheets, actions etc.
  • Which is why ensuring you have the right data is so important.
  • Data collection and reporting with Synnch is easy.
  • The sections in Synnch form match the AusIndustry application portal layout.
  • Synnch is a tool to be used for data input for R&D activities.
  • Integrated with Xero (partnership in next month.

 

We are a compliance tool that increases your ability to have a successful R&D claim

  • Include the data that AusIndustry portal needs.
  • Show this is easily broken down into steps in Synnch, so you fill it out as you go.
  • Outline the hypothesis you’re working on.
  • Add summaries from research as you go.
  • Track progress/results with time spent on innovation/research or development.
  • Designed as a logical structure that works with the research and development process.
  • With R&D teams in mind – enter research aim, track progress and time/resources, track results and then claim to ensure your tax rebate submission is compliant.

 

What are the benefits of using Synnch?

  • Ultimately, if you’re conducting R&D activity and looking to submit an R&D claim, Synnch will save you time, and headaches. Using Synnch will enhance the quality of the data you have for your submission, ensure your data input is correct for compliance requirements, and will streamline your reporting as you go.
  • Synnch makes your R&D tax submission easier.
  • That way, you can focus on research and development, forging new solutions, building industry growth, and enhancing our markets.
  • Focus on your research and development, focus on this work that is driving change and innovation.
  • Your R&D tax claim can be simple and efficient.
  • Synnch makes it easier for you to ensure you meet compliance requirements, making it more likely for you to have a successful submission.
  • Integrates to your Xero timesheet for one point of data entry.
  • Ensures the data you capture for your R&D is in line with compliance regulatory framework requirements.
  • Allows you to track your R&D activity as you go, building your evidence and narrative required for your R&D submission
  • Aligns with new changes from Gov drive to push through myGov for R&D

 

Speak to your tax consultant about using Synnch or get in touch with the Synnch team to find out more at hello@synnch.com.au.



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