R&D Tax Incentive Implementation Support
R&D Tax Incentive For Innovators In Software, Product Design And Manufacturing
Running design and development projects leveraging the R&D tax incentive offers business a way to fund work that can extract and commercialise their Intellectual Property.
Softlogic Solutions are the go-to team used by many R&D tax accountants to help them understand the extent of the IP that can be captured under an R&D incentive tax claim and to ensure the implementation and documentation are compliant and ensure your project is audit-ready.
We bridge the gap between what your accountant covers and the necessary business processes and recording keeping you must have in place as part of your project implementation, in order to be compliant and be audit-ready.
We Offer a range for Services
Team Alignment Workshops
Workshops to upskill your team so they can manage your R&D funded project while keeping an eye on the legalities and necessary ‘processes’ to keep you compliant.
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Pre & Post Audit Support
Documentation and pre-audit reviews and consultations to ensure your project implementation and associated processes, documents and ‘language’ will pass audit.
Post-Audit record keeping compliance assistance and implementation services.
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R&D Tax Audit Failures
In the past two years, there has been a significant increase in the number of audits undertaken by the ATO on those businesses claiming under the R&D scheme.
Of the businesses that have been audited to date, there have been a number of cases that have involved sizeable paybacks and fines due to ‘non-compliance’ due to one or more of the following:
- Lack of appropriate or sufficient support documentation
- Misidentified IP opportunities ie. the work was not unique enough
- Process failure within the development team.
The gap between you and your R&D Tax Incentive Accountant
While many businesses have their specialist R&D Tax incentive accountant in place, the documentation, language and processes required to be eligible for the grant scheme are not their responsibility. They can only provide guidance, and the interpretation and implementation are left to you and your development team.
This gap between your Accountants responsibility and your team’s is most evident when an audit is conducted by the ATO and repayments are required due to unsubstantiated claims.
A 6-Step R&D Tax Implementation and Compliance Framework
Over the years, we have worked with a variety of different businesses across manufacturing, software development and product design and development. Overwhelmingly the work revolved around managing the risk of non-compliance at audit resulting from lack of proper process, record keeping and language to document your hypothesis, tests and program of work that meets the ATO’s strict R&D requirements.
As a result we have developed a clear framework to ensure any R&D project is run in a way that both manages the risk of non-compliance with the ATO and ensure you are maximising the full extent of your IP.
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R&D Tax Incentive Grant Pre & Post Audit Support
While we hope to not be tapped on the shoulder for an audit from the tax office, when it happens, you want to be sure that you have all of the correct documentation to pass with flying colours.
- a complete review of your current processes and document
- detailed list of identified gaps or areas for improvement
- time spent with your team upskilling and training them in the correct processes and language to keep you compliant on an ongoing basis.
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What clients are saying?
Why enhance your R&D Record-keeping?
Since the R&D Tax Incentive is based on self-assessment, businesses and their advisors must work together to ensure that record-keeping is sufficient to substantiate a claim. Did you know that enhanced record-keeping will allow you to:
- Claim more Core R&D – R&D associated with generating new knowledge,
- Claim more Supporting R&D – R&D required to facilitate the Core R&D
- Claim more Supporting Activities – Activities necessary to facilitate R&D such as HR, Manufacturing etc.
6 Steps To Maximise R&D Tax claims
Framework Objective 1 – Achieve Compliance Readiness
- Step 1 – Develop a Cross-department R&D Tax Compliance Manual,
- Step 2 – Implement compliant Product Planning and Record-Keeping,
- Step 3 – Establish Management Systems to automate Record-Keeping,
Framework Objective 2 -Continuously Improve and reduce risk
- Step 4 – Periodic Spot Checks of Project/Activity/Task Record-Keeping,
- Step 5 – Periodic Detailed Review and Auditing of Project/Activity/Task Record-Keeping
- Step 6 – Periodic Compliance Assessment and Reporting.
