Is your company compliance ready?
As you may likely know (or you might not), applications for the R&D Tax Incentive in FY18 (July 17 to June 18) are due to close on 30th April 2019.
This means you’re running out of time to make your claim! Be reminded that expenditure incurred in any given Financial Year can only be claimed for that year’s R&D Tax Incentive application period. Once applications close, you’re no longer able to claim those expenses. Better get organised.. only 15 days to go.
Is your company compliance ready? What if you’re ever selected for a review or audit of your claim?
If in the event you’re ever selected for a review or audit, would you meet your obligations to the R&D Tax Incentive? Are your records being kept up to scratch? Are they being kept on a contemporaneous basis in a single place? Or would you have frantically pull staff off the floor to find, collate and prepare a response to AusIndustry poking around the claim you’ve just made, for an exorbitant amount of money?
Staying compliant is key to maximising your R&D claim
Don’t get us wrong, we love that AusIndustry is keeping you accountable but an audit can certainly rain on your parade of free government kickbacks. So wouldn’t you prefer to be prepared?
To be compliance ready means that you’ve got a system or process in place to capture and record your companies R&D Activities and any expenditure related to those activities, as and when they occur.
Most companies use and keep a series of spreadsheets, timesheets and project management tools and would think they’ve got it covered. However, little do they know; many of those systems aren’t what AusIndustry would consider best practise and certainly won’t assist you to prove your scientific method of the workflow (another obligation you need to consider in relation to your eligibility that I’ll cover next time).
Other companies keep nothing.. not a thing! and still claim, which is leaving them at an extremely high rate of risk!!
Smart companies use Synnch; an online compliance ready framework that not only allows you to keep contemporaneous records of your R&D Activities but is blended with regular consultation with a dedicated R&D Consultant who will assist to review your R&D Activities, Expenditure, Eligibility and Strategy, all for an affordable low monthly cost, that you can include as part of your claim and save even more!
Our system is built for compliance readiness and has the ability to export your information in a way that flows with the R&D Tax Incentive lodgement form to even further reduce time spent on preparing and lodging your claim.. so you can get your money back sooner.
Sounds like an R&D dream doesn’t it?
Get in touch with us today to learn more about how we can take your R&D pain away.. or even just help you with a better solution to self-lodge more compliantly!