R&D Tax Funding Strategies for Your Business

August 9th, 2016

If your business is involved in eligible R&D activities and you are interested in the Research and Development (R&D) tax incentive, our specialised team of R&D tax advisors is here to help. At Swanson Reed, we help companies claim the R&D tax incentive. We prepare over 600 R&D tax claims per year as Australia’s largest R&D tax advisory firm.  If you are unsure of the R&D tax funding strategies that you may be missing out on, our team of R&D tax advisors can help by providing unique assistance tailored to your company.

R&D Tax FundingWhat can Swanson Reed do to Assist You?

As a trusted name in the R&D tax advisory industry, we have analysed numerous R&D tax offset finance solutions, and we are able to refer many companies who are seeking such products to dedicated finance professionals. We do not receive any financial incentive or commission from our clients’ financing of R&D entitlements. This means that we refer only the most suitable finance professionals for each of our clients’ specific needs.  However, Swanson Reed is available to manage all facets of the R&D tax incentive claim preparation process otherwise. This all-inclusive service provides experienced support at every stage of the R&D development. This includes identifying eligible R&D activities, preparing and updating R&D substantiation documentation, collecting all eligible R&D expenditure, lodging the aapplication, calculating the tax offset, finalising the R&D tax schedule, and if necessary, providing advice related to an AusIndustry review or ATO audit.

Once the R&D claim has been prepared and documented, an eligible company will complete the application process with a finance professional in order to receive a prepayment against R&D tax entitlements. This prepayment funding service allows R&D companies to attain a portion of their R&D tax entitlement early, while the financial institution receives the R&D tax offset from the ATO.

Tax Funding Criteria

Are you unsure if you qualify? Businesses that meet the following criteria are likely eligible to receive the R&D tax offset: your company is involved in eligible R&D activities, or has had a positive “Advanced Finding” ruling from Innovation Australia; you are not affiliated with a bank or other borrowing facility requiring a PPSR registration; you have a good compliance history with AusIndustry and ATO; you maintain good record keeping and your accounting reports for the relevant time period are readily available; and finally, your R&D claim will be prepared, lodged and assessed by Swanson Reed.

Claiming Eligible R&D Activities

There are three basic requirements that an R&D activity must fulfil in order to be deemed eligible for the R&D tax offset. First, your company must be conducting an experimental activity that is generating new knowledge, or your company must be generating new knowledge by developing new or improved materials, products, processes, devices, or services. Second, the activity must be conducted as a “systematic progression” of work based on science principles, and the work proceeds from hypothesis to experiment, then to observation and evaluation, leading to logical conclusions. Finally, the outcome of the project must not be able to be determined in advance, based on current knowledge, information, or experience. If your involvement in research and development meets the above criteria, your business may be eligible for the R&D tax incentive.

If you would like more information on how to access R&D tax funding strategies for your business, contact us today at 1800 792 676.

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