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The Ultimate R&D Tax Incentive DIY Handbook
Did you really undertake eligible R&D?
Just because you did these things, does not make it eligible R&D:
- Has not been done in Australia before
- It is the world first product of its kind
- You made mistakes along the way
- Your customer did not like it
- No one bought it
- You lost money making it or selling it
- You spent time learning about the market
- You spent time choosing the right equipment
But it could be eligible if you relate it to a scientific approach.
Are you looking to apply for the R&D Incentive, but think you would like to tackle it yourself?
Did you know over 70% of eligible small businesses could claim the R&D Tax Incentive,
but don’t?
In fact, only 1% of companies apply for the R&D tax incentive.
There is no doubt that using a consultant will produce the highest quality work.
But R&D tax consultants can cost over $10,000 and not in everyone’s budget,
or suitable to every claim size.
What if I could offer you the step-by-step guide to completing the
R&D Tax Incentive application yourself, for only $297.
WHAT THIS BOOK HAS TO OFFER
The R&D Tax Incentive DIY kit will give you the tools to write your own application,
but with expert guidance from me.
My guide contains each section broken down and explained in simple language, without the Government mumbo jumbo.
I have also included a:
– sample R&D application
– R&D Excel budget (with guidance video).
How will this help you apply for the rebate yourself?
What is the best way to study for school exams?
By completing previous exam papers!
The same applies with accessing most goverment funding:
start with a template written by an R&D expert.
My book also comes with guidance – you just need to fill in the blanks.
Australia’s highest rated R&D Tax Consultant
Read the 200+ Google Reviews
Read the 200+ Google Reviews
Australia's highest rated R&D Tax Consultant Read the 200+ Google Reviews
What do I know about the Incentive?
I have written several hundreds of successful applications for differrent industries.
My team and I have harvested the knowledge to successfully applying for this rebate.
Do you think you would benefit from knowing what I know?
Government Grants can transform a good idea into a great businesses
“I love government grants!
No one knows more about them than me.
I started Bulletpoint as I love working with small business and helping them grow.
Ben Cusack – Founder
What are the problems with getting it wrong?
AusIndustry doesn’t care if you have done R&D or not, they just care what you have written on your R&D application.
Once the deadline is over, you don’t get a chance to resubmit it or change it.
Poor R&D applications trigger audits which are very time consuming.
If you are deemed ineligible, any R&D rebates must be paid back with a 50% penalty applied.
1,000+ SUCCESSFUL R&D APPLICATIONS
Some Recent Feedback From Clients Who I Have Helped Get An R&D Grant
HERE IS WHAT SOME OF MY CLIENTS HAVE SAID
Read More
Ben was incredibly helpful & insightful in understanding the grant opportunities & suitability for my company
Read More
Very responsive, speedy, practical and professional. Great content on their site and youtube channel to help navigate the murky world of grants!
Read More
Ben gave me game changing advice before any discussion around fees. Unusually good customer experience in these times.
Small Business Ombudsman Review
In 2019, the Ombudsman did a review of the excessive R&D audits. They found:
Late -
“In all cases, this compliance activity was retrospective and commenced several years after the relevant R&D was undertaken and the R&DTI refund received and spent.
Penalties -
“Often these affected businesses were required by the ATO to repay the R&DTI in full, with a severe penalty applied.
Ruin -
“This has had a devastating impact on the businesses involved, with some saying they face financial ruin.
Reduced -
“Others have discontinued or scaled down their R&D efforts in Australia and reduced their R&D staff.
Genuine -
“Most of these small and family businesses were genuine in their belief they were undertaking R&D; their claims were totally justified and they had already invested the money back into the business.
Reduced -
“Others have discontinued or scaled down their R&D efforts in Australia and reduced their R&D staff.
– Kate Carnell – Australian Small Business and Family Enterprise Ombudsman
So, there can be problems with getting it wrong.
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WHY WAIT? BUY NOW!
Despite the Government’s efforts to make the Incentive a more clear-cut process, the rebate can still take some time to get your head around.
It can also be pretty complex.
Wouldn’t you want a short cut?
There is also a big difference between submitting an application
and having your application registered.
I aim to simplify the R&D Tax Incentive application process so that you can receive your entitlement and concentrate on running your business.
What is the difference?
In simple terms the difference I have found is:
- Business - You want to develop a new product
- Government - They want you to develop new knowledge
I help identify what you are doing and relate it to the government criteria
- What should my hypothesis be?
- What is the difference between core and supporting?
- What is my time worth?
- How should I pay myself as an associate?
- Can I engage an Australian company that has R&D staff overseas?
- What if I sell a prototype?
- How to include R&D done overseas as eligible R&D?
- What if I get a grant for some of the R&D work?
- How much will I get back?
- Should I set up another company to get the higher rebate of 43.5%?
- What is the process to get the rebate?
- Are you actually doing eligible R&D?
Can you write an hypothesis?
The Government wants you to relate what you do into scientific language.
I find this is the hardest thing for non-scientists to develop.
I find this is the hardest thing for non-scientists to develop.
Things to keep in mind, what is not a hypothesis:
- Whether or not people will use your app?
- Will your app be helpful?
- Will it be cheap to make?
- Can it work on mobile phones?
- Will it save people money?
- Will it help people?
The key changes in the 2021 R&D Application
Old Form – Core Activity (3,000 characters)
- Describe the core activity (3,000 characters)
New Form – Core Activity (18,000 characters)
- What was the hypothesis? (4,000 characters)
- What was the experiment and how did it test the hypothesis? (4,000 characters)
- How did you evaluate or plan to evaluate results from your experiment? (4,000 characters)
- Describe your conclusions (4,000 characters)
- What new knowledge was this core activity intended to produce? (1,000 characters)
- Please explain what sources were investigated, what information was found, and why a competent professional could not have known or determined the outcome in advance (1,000 characters)
Big changes for 2021 R&D Registrations
The Government has brought out a substantially new form for 2020-2021.
Previously, they wanted you to separate your ‘New Knowledge’ from your ‘Experiments’.
Now they want them linked together in an experiment.
If you label a ‘supporting activity’ as a ‘core activity’ – guess what….
– it can be deemed ineligible and any costs associated with it will have to be paid back.
Australia’s highest rated R&D Tax Consultant
Read the 200+ Google Reviews
Read the 200+ Google Reviews
Been Successful in the past?
“But… I have been ‘successful’ in the past with my R&D claims”.
I hear this a lot.
You haven’t been successful in the past, you just haven’t been audited.
Nearly 11,000 applications are not reviewed by AusIndustry annually. But they can review it in the future.
The 2021 R&D Form makes it harder for non-scientifically minded people to describe what they did as eligible R&D.
But it makes it easier for AusIndustry to find non-conforming or ineligible applications.
© Bulletpoint 2021
