RESEARCH & DEVELOPMENT TAX INCENTIVE ADVICE
The Research and Development Tax Incentive is an Australian Government program run between the Department of Industry and the ATO which provides to eligible entities a whopping 43.5% of eligible expenditure on research and development back to business as either a tax deduction or a tax rebate which in some circumstances can be paid to the business as cash.
With over a decade of experience and millions returned in tax incentives for our customers we can help you maximise your return on your valuable research and development. IS-ON is certified by the Tax Practitioners Board under registration 25866282 and carries appropriate professional indemnity insurance - providing peace-of-mind advice & services.
Why do you need a specialised R&D Tax Advisor?
- Then Treasurer, Hon Scott Morrison, very clearly outlined in the 2018-2019 Budget that the government was looking to save $2B+ over the forward estimates by clamping down on the R&D Tax Incentive claims. Regardless of who wins the next election you can safely bet that's a saving any government wants in these times hence, the scrutiny is all but guaranteed to continue.
- New, much stronger guidelines have been implemented for various industries. For example, in software development you can find the new guidelines here, you may have passed muster if you did something new and innovative. However, now for software you have to prove that at the time of the research and development, a competent software developer could not have built your product with existing knowledge. You're required to collect evidence such as screenshots from forums, white papers, tutorials etc that demonstrate you couldn't have solved your particular problem with existing knowledge that a competent software developer could be reasonably expected to source. AusIndustry makes available here, just as stringent guidelines for sectors such as:
- and Other Sectors
- The R&D Tax Incentive is specifically designed to only be eligible to companies creating new knowledge. That's been the case since the 90's however what's changed is the definition of what is accepted as 'new knowledge'. A few years ago, it may have been acceptable to make a new business off the back of an innovative idea, say a website selling short term stays in peoples homes. Now, you have to prove you couldn't have made the same website without investing in R&D, which with 20 years in the business, Dan can assure you isn't a trivial argument.
- You need to be able to prove you couldn't have solved your problem with existing knowledge at the time of the problem. For example screenshots from forums. This is why it's important to get advice early.
- To be eligible, you must follow the scientific method. You cannot just get to the end of the financial year and slap a claim together. Your Research and Development must be planned and put through the scientific method. Again, you need advice early in the process.
- You have to be able prove that your research & development has some commercially realisable value.
What if I didn't get advice when I should have? Well, not ideal, there will be a lot more work in establishing your claim - i.e. we'll need to make sure you meed the criteria; but it's not impossible.
Why Dan Harrison?
- Millions in claims (more than $6M at the time of writing) successfully processed and audited
- Scientific and business background as an award winning entrepreneur in two successful high-tech startups.
- Decades of technology experience.
- Not a general Accountant/Tax Agent, Dan Harrison only specialises in the R&D Tax Incentive.
- Holds a Masters of Business Administration and a Bachelor of Information Systems; is a Graduate of the Australian Institute of Company Directors; and is a certified Scrum Project Owner.
- Decades of experience in project management
- Decades of experience in working with technicians, business people and accountants - understands and communicates well with all three.
- Dan is based in Hobart however he has lived in Sydney for years and worked out of Melbourne, Brisbane, Adelaide and Perth. Geography is not a problem.