At a recent ATO R&D seminar, we were reminded of the need for taxpayers to keep good records to support their R&D claim
It’s imperative that you must have records that substantiate claimed R&D activities had been carried out.
Records should support not only your tax expenditure claims but also monitor the technical progress of the R&D project. Innovative activities registered for the R&D Tax Concession must be systematic, investigative and experimental; it is important to maintain evidence of all experiments undertaken. Types of evidence which may be retained to support R&D Tax Concession claims include (but are not limited to) the following:
- literature and patent searches
- feasibility studies and options papers
- Risk-Management analysis ˘
- Project-Planning documents R&D Tax Concession Program
- records of resources allocated to the project
- the design of experiments
- technical drawings
- project records, for example, laboratory notebooks & records of trial runs
- project progress reports and minutes of project meetings
- test protocols, test data and test results and analysis of test results and conclusions
- final project reports or professional publications
- photographs and videos (easy and a must)We have been supporting clients successfully with their applications for some years. Our experience has indicated that both the ATO and Aus Industry use industry experts to review your applications, ongoing claim and supporting evidence. Contact Geoff to discuss your R&D project and claim.
- Done properly an R&D project can be rewarding developing innovation and product development with the added financial reward for successful R&D application with the ATO. We use an online system that is easy to use and helps both ourselves and the client generate at detailed claim at the end of the year.
- We encourage clients who need help in this area to reach out and discuss both potential and ongoing claims in R&D.