Maximise Your Innovation Benefits with Expert R&D Tax Guidance.
Full range of tax services, including business tax, BAS, FBT, and R&D grants, ensuring compliance and minimising liabilities.
Plan for the future with estate planning, superannuation, and investment strategies to grow and protect your wealth.
Expert guidance on starting a business, franchising, and strategic management to drive growth and success.
Customised loans for homes, investments, and businesses, plus refinancing options to meet all your financial needs.
Efficient bookkeeping, payroll, and Xero training to keep your financial records accurate and compliant.
Simplified services for business setup, company registrations, SMSF, and trust establishments.
The R&D Tax Incentive is a government program designed to encourage businesses to invest in research and development by offering tax offsets. It helps reduce your tax liability or provides a cash refund, improving your business’s cash flow.
Australian companies that conduct eligible R&D activities to generate new knowledge, products, processes, or services can apply. Eligibility depends on the nature of the activities, not the size or industry of the business.
Eligible activities typically involve experimentation or systematic work that is undertaken for the purpose of generating new knowledge or solving technical challenges. This can include developing new products, improving existing products, or creating new processes.
You can claim expenses directly related to your R&D activities, such as wages for employees conducting the R&D, costs of materials used, overhead costs, and certain contractor fees. We can help identify and maximise all eligible expenses.
The R&D Tax Incentive provides a tax offset based on the eligible R&D expenditure. The rate of the offset depends on your company's annual turnover and tax position. Our team will calculate the exact benefit for your business based on your circumstances.
Proper documentation is essential for a successful claim. This includes detailed records of your R&D activities, timesheets, expenditure receipts, technical documentation, and evidence of the experimental process. We guide you in maintaining and preparing the necessary records.
Yes, startups and small businesses can apply for the R&D Tax Incentive if they conduct eligible R&D activities. The program is designed to support businesses of all sizes, including new and growing companies.
The processing time for an R&D Tax Incentive claim can vary depending on the complexity of the claim and the workload of the regulatory authorities. On average, it may take several weeks to a few months. We work to ensure your application is complete and accurate to avoid delays.
If your R&D claim is audited, we will provide full support, including preparing additional documentation, responding to queries, and representing you in discussions with the regulatory authorities to ensure a smooth audit process.
Factor1 provides comprehensive support, from determining eligibility and preparing documentation to lodging your claim and handling compliance. We ensure you receive the maximum benefit while remaining fully compliant with all regulations.
Discover how Factor1 can support your financial success. Schedule your complimentary consultation by clicking the ‘Book Now’ button or giving us a call. Let’s start planning for your future today.
Headquarters
Suite 46-47, Level 3,
Building 2,
1 Ricketts Road,
Mount Waverley
VIC 3149
Phone
1300 886 309
Email
[email protected]
Copyright © 2024 | All Rights Reserved | Terms and Conditions