With a professional tax practice and R&D consulting company, you can identify and maximize on all the Australian government incentives so that you can make the most of your investments in research and development. Without these incentives, R&D investments can be quite costly and may dent your competitive edge in the initial stages of the experiments. Research and development is simply a bet in the unknown. You might strike gold and maintain industry leadership or you may lose out and will have poured too much money down the drain.
For this reason, a lot of Australian businesses will see R&D investments as a huge risk and would not venture there, preferring to dabble in what they know best. If you are in stiff competition with another company and you are investing significantly in R&D for which you may not realize any viable returns until 10 or 15 years down the line, then you are going to lose out over the short term. It is for this reason why the Australian government and other forward looking governments provide very generous research and development tax credits.
But not all businesses have a good idea on how best to ensure they are eligible and even maximize on these generous tax credits. That is why they need the services of the R&D consulting companies to enable them see around corners and smoke out the opportunities that lie just around the corner or beneath the surface. You need to understand whether you are eligible in the first place and what elements of your research and development initiatives will be eligible for these tax credits. The tax incentives can be anywhere from 40% to 45% of the R&D expenditure. With best R&D consulting companies, you can unlock the opportunities and even optimize on the amount of tax credits that you can get once you are eligible.
It is important to work with the R&D tax consultants that have a breadth of experience when it comes to tax compliance and advisory. It is important to work with professionals who are not just tax experts but also innovation experts. They need to have diverse backgrounds in order to offer you advice on a broad section of innovation fields such as science, engineering, information technology, processing accounting and much more. You will have a high chance of success in landing the tax credits if you have tax advisory services with a good background in your industry.
There is a broad range of R&D consulting services that you will get from these innovation tax incentive and grants consultants. These can include the following -
· Carrying out R&D eligibility assessments for your company
· Carrying out the claims preparations for the R&D tax incentives
· Identification of the eligible R&D activities in the business that can qualify for the tax incentives
· Assisting companies with the technical scoping for the R&D projects
· Preparing and updating the R&D substantiation documentation
· Providing the claims summary letters
· Preparing and finalizing the R&D tax schedules and many other services.
Do not sweat with your R&D tax incentive claims applications process. Find R&D consulting services that are highly professional and which will increase your chances of getting your R&D tax incentives.