If you are looking to innovate and explore ways of doing new things - through Research and Development - the Government is there to support you through the RDTI (research and Development Tax Inventive)
There are however hoops to go through and paperwork and records to keep.
Mick Lynch - R&D Tax Specialist at BSI Innovation has said that the Research and Development Tax Incentive issues and audits - specifically as it relates to the aggressive and adversarial approach that it had to technology and software - seem to be stabilising
The turbulence that was
The Coalition was planning to make a $1.8 billion cut to the programme (which they have subsequently scrapped.)
In early 2017, software claims started to be reviewed following concerns advisory firms were encouraging companies to make claims that weren’t actually eligible. This led to a number of high-profile audits and clawbacks, with startup giant Airtasker ordered to pay back millions of dollars relating to RDTI claims in 2015 and 2016.
The programme is stabilising
While this dispute is ongoing, Airtasker is now accessing the RDTI again, with its last years financials showing $1m benefit over last few years!
Audits of companies are happenning - but seem to be fair and reasonable
Compliance with the programme is key - said Lynch , with organisations claiming needing to hold contemporaneous records of R&D projects and activity.
The view with Ausindustry is more of an educational approach than a crackdown approach.
Be sure to explore whether there is an advantage for a grant in your business!
Mick Lynch suggests to innovative companies that are doing or keen to do R&D projects to come forward and explore the opportunity.
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