Swanson Reed now serves as a steadying guide, helping our clients claim their R&D Tax Incentives and conform to all Australian Tax Office (AOT) regulations. We connect companies to assessments, preparations, and more. Contact us today to begin! ?
Swanson Reed: About Us
For thirty years, Swanson Reed has provided clients with superior service and specialised support, simplifying every claiming of R&D Tax Incentives. Through our nationwide presence – with offices in Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney – we assess, prepare, and lodge information. We stress technical reviews and ISO31000:2009 Risk Management standards.
We also recognise that trying to claim R&D Tax credits is no simple task. This is why we lead each client through the process, providing them with the support – and substantiation – they need. Let our experienced team explain the three steps.
Claiming an R&D Tax Credit: The Process
When you’re uncertain of the process, claiming your R&D Tax Incentive is a short but perilous quest. Swanson Reed now simplifies it:
Step One: Determine Your Eligibility
To claim an R&D Tax credit, you must first qualify for that credit. According to the ATO, companies must be:
- Incorporated under an Australian law.
- Incorporated under a foreign law but be an Australian resident (for income purposes).
- A resident of a country that Australia shares a double-tax agreement with.
- Part of a permanent establishment as defined by the double-tax agreement.
Step Two: Note all Exemptions
Trying to claim an R&D Tax Incentive requires an understanding of its exemptions, with the following entities unable to apply:
- Companies whose statutory income is exempt from income tax.
- Companies controlled by one or more exempt entities (refers to 38.5% non-refundable tax offset only).
- Companies whose aggregated turnover is less than $20 million (refers to 43.5% refundable tax offset only).
Step Three: Establish Aggregated Turnover.
Before claiming an R&D Tax Incentive, you must first calculate your aggregated turnover. This sum – which includes annual turnover for the income year and the annual turnover of any entity connected or affiliated with you within that same year – determines which options are available to you:
- Aggregated Amount of Over $20 Million: non-refundable 38.5% tax offset.
- Aggregated Amount of Less Than $20 Million: refundable 43.5% tax offset.
By following these steps, you can more easily claim an R&D Tax credit and expedite the documentation process.
Want to Claim an R&D Tax Incentive? Contact Swanson Reed Today!
Claiming R&D Tax credits often proves difficult. Swanson Reed helps streamlines the task, allowing you to walk the ATO journey with ease. To learn more contact us today on 1-800-792-676.