You have until 30th of April if you want your rebate from the Research and Development Tax Incentive, writes business mentor Sonia Friedrich.
If I said I can help you increase your revenue by 45% would you want to know how?
It’s not quite revenue, however it is $$$. For many businesses that invest in their own R&D, the Australian Government offers a 45% rebate through the R&D Tax Incentive. Not bad! Don’t you think it would be silly to miss out? Not only that, if you do qualify, you are guaranteed for the next 5 years.
Yes it can feel like another chore. So let’s get that out of the way too. Just like you hire your accountant to do your tax, there are specialised accountants for R&D submission – experts in their field who understand the application process like the back of their hand. I know one in particular with a 97% success rate, (if you meet the qualifying criteria)…AND in nearly all cases he only takes a 10% success fee. If you want to know more, seriously, ask me. I will connect you both (he has asked I do not publish his name for fear of being inundated).
Yet time is running out. Your application needs to be in by April 30th, 2016 and there is a little work to get together for it to be submitted. You can visit the website for more details:
Here are six pointers to check off to get you started:
- A company must have R&D deductions for an income year of at least $20,000 in order to claim a R&D Tax offset
- Companies may receive a 45% refundable tax offset if their turnover is less than $20 million.
- Companies may receive a 40% refundable tax offset if their turnover is more than $20 million.
- Generally a company that pays tax in Australia and is incorporated under Australian law is eligible
- Core R&D activities are the part of the work where the company tries to do or make something that hasn’t been done before and cannot be done without experimenting.
To prove it, the company must aim to create new knowledge by following a path from concept to conclusion with measurable experimental outcomes to support the reasons for the conclusion.
Core R&D activities could be, for example, the testing of a new or improved product, device, process or service
- Yes you need to have kept records too. Either activity based record keeping or expenditure based.
If you have all of the above, I suggest you make contact and don’t miss what really is a no brainer for you and your company. hand the application over to an expert who can remove the headaches for you.
Grant writing is an artform…hire a qualified artist!
Sonia Friedrich has been called a Growth Hacker. She is a Mentor, Strategic Consultant, Speaker and Author. She works with CEO’s, Entrepreneurs, Start-ups, Executive Directors, Marketing & Sales Management, Advertising and Communications Agencies (on-land and on-line), and anyone wanting to propel themselves forward. She works with small business to multi-nationals, across all sectors.
Sonia’s purpose is to empower others in business and in life. She adds insight from behavioural economics (BE) and neuroscience to all business and marketing challenges. She has worked with Fortune 500 companies building brands up to $250 million in Australia and New Zealand. She was the General Manager of Grey Healthcare Advertising in Sydney. Sonia lives in Byron Bay and attracts clients to Byron Bay for speaking events, conferences and intensives.
To find out more, call Sonia.
Contact: sonia@soniafriedrich.com or 0412 359 424 or go to: soniafriedrich.com
