Are you making the most of the tax incentives available to you as a business owner? Grants and assistance opportunities, such as the Research and Development (R&D) tax incentive, are available to those involved in eligible R&D activities as a way to offset some of the costs involved in running your business. At Swanson Reed, we are a specialised team of R&D tax advisors who help companies claim the R&D tax incentive.
Are You Eligible for the R&D Tax Incentive?
Before you are able to take advantage of the R&D tax incentive, we must first determine your company’s eligibility. Our team of experts has developed the Eligibility Wizard, which offers you an easily accessible starting point for your journey. The R&D tax incentive laws apply to R&D activities from 1 July 2011 to the present. Companies with an aggregated group turnover of less than $20 million may be eligible for a 45% refundable (cash) R&D tax offset, and those with an aggregated group turnover of more than $20 million may be eligible for a 40% non-refundable R&D Tax Offset. Once you have determined the type of tax incentive available to your business, you will have the opportunity to access these R&D tax credits.
What are the Benefits of R&D Tax Credits?
Many financial institutions now offer companies the ability to finance R&D tax offset entitlements. This service allows you to place additional resources into your R&D activities, advance developments and/or commercialisation plans, provide greater clarity on the timing of R&D entitlements, and finally, suspend or completely evade the need for capital raising.
Calculating Your Benefit
At Swanson Reed, we assist in every way possible, which is why we have developed the tools necessary to help you each step of the way. Utilising our R&D Tax Benefit calculator tool, you will be able to determine your own potential R&D tax incentive entitlement, before even making an appointment to speak with one of our representatives. Once you have determined the potential benefit that you will receive as a result of the R&D tax credit, we will be able to assist you in managing all facets of the R&D tax incentive claim preparation process. 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.
If you are interested in learning more about R&D tax credit financing for your business, contact us today on 1800 792 676.