R&D Tax Incentives
Research and Development Tax Incentives
Providing the funding necessary to enable your business to stay ahead of the competition
With unrivalled depth of technical expertise and unparalleled experience, PPM’s specialist R&D practice provides clients with the highest calibre of R&D tax advice and associated services.
At PPM, we know that staying ahead of the competition is a constant challenge. Customers are always looking for new and innovative products, improved services and enhanced value. To stay ahead of the competition, particularly in a world of increasing globalisation, Australian businesses need to approach innovation intelligently, with a dedication and desire to improve the products and services offered to customers being critical drivers for business success.
Given the importance of innovation to the health of the Australian economy, the Federal Government offers Australian businesses engaged in research and development a number of grants and incentive schemes, the most generous of which is the R&D Tax Incentive program.
The R&D Tax Incentive program is a non-competitive, entitlement based ‘no strings attached’ incentive for Australian businesses engaged in eligible R&D activities. The importance of being a non-competitive program is that, if your business meets the eligibility criteria, it is able to access the tax incentive, making planning R&D projects and associated Budgets much easier and strategic. This financial support is provided as either a cash refund or as a reduction in tax payable to the ATO. In either case, accessing the R&D Tax Incentive program is an intelligent step towards accelerating any Australian business’ innovation program.
While innovative businesses know how to ‘innovate’, the ability to access the maximum possible R&D Tax Incentive funding to support their program of R&D activities is where most businesses struggle. The challenge for most innovative businesses is how do they ensure they get the maximum possible R&D Tax Incentive available to them, without exposing themselves to risk, in the event of an AusIndustry or ATO review. This is where PPM’s specialist R&D Tax Incentive team can assist, helping clients to navigate their way through this complex area in tax law, delivering unparalleled and exceptional outcomes to our clients.
PPM’s specialist R&D Tax Incentive team provides tailored assistance to suit your business’ needs. We not only have the deep technical expertise to assist your business to maximise its R&D Tax claim, we also ensure that any risk is identified and mitigated during the process, providing your business with the confidence that any incentive received will not be eroded in the event of an ATO or AusIndustry review. PPM does this by adopting a partner led, hands on approach providing our clients with R&D Tax Incentive advice, in a manner that frees up your technical and financial personnel to focus on your business needs, rather than having to dedicate valuable time to filling out forms and finding the expenditure necessary to successfully complete and lodge an R&D Tax Incentive claim.
There are many elements associated with making a successful and financially rewarding R&D Tax Incentive claim, whilst also ensuring your business is in the best position to retain the benefits associated with making an R&D Tax Incentive claim if audited. In order to place our clients in the best possible position to resist the scrutiny of an ATO or AusIndustry review, PPM’s specialist R&D Tax Incentive team use their breadth of experience and depth of expertise to tailor our skills and abilities to meet your business’ specific R&D Tax Incentive needs, including:
- R&D Tax Incentive training, (for both technical and financial personnel), performed on site or at technical conferences
- Advice on the documentation required to lodge an eligible R&D Tax Incentive claim and an assessment of gaps/opportunities with current documentation
- Assessment of eligibility, particularly eligibility to the R&D Tax Offset (which currently returns 43.5 cents in the dollar for expenditure associated with innovative activities)
- Preparation of all elements of an R&D Tax Incentive Claim
- Reviewing claims made under a ‘success fee’ arrangement, in order to identify any risks that can arise from this form of engagement (risks that are primarily related to overclaiming of activities or expenses in order to increase the consultant’s ‘success fee’)
- Collation and management or documentation on a contemporaneous basis, providing ‘just in time’ feedback in order to increase the value of the documentation your business generates
- Improving or implementing documentation retention systems, including developing ‘best practice’ company specific manuals, customised using existing business documentation
- Managing ATO and AusIndustry reviews and audits, including attendance at meetings, reviewing queries, drafting submissions and guiding your business seamlessly through what can be a very stressful process
- Drafting ‘requests for private rulings’ and ‘reasonable arguable position papers’, aimed at providing your business with ATO assurance on specific technical matters
- Drafting briefs for Barristers in the event of complex litigation
- With the assistance of PPM Legal, representing businesses at the AAT and other judicial forums, including the Supreme Court and Federal Court.
PPM Specialist R&D Tax Incentive team provides advice and services to a wide range of Australian based businesses, from micro start-ups through to ASX 100 listed businesses. Our team has the breadth of experience and deep technical expertise to assist our clients maximise their returns from their investment in innovation because at PPM, Specialisation is the Key to unlocking exceptional outcomes for clients.