R&D Tax Incentive Consultant

Want to avoid an R&D audit? 

Call 1300 658 508

What is an R&D Tax Consultant?

An R&D Tax Consultant helps you to prepare and lodge and R&D application with AusIndustry.

A good consultant will make sure you pass an audit!

 

Why do you need an R&D Tax Consultant?

You might think engaging an R&D tax consultant isn’t necessary for lodging an R&D tax incentive claim. 

You would be correct! – many lodge and fly under the radar.

But we get to see the people that call us in all sorts of trouble because of an ineligible claim identified during an audit.

Many businesses find themselves unprepared for the scrutiny that comes with audits, often leading to the stressful situation of repaying their R&D incentives years later.

….are you ready to take that risk?

Here’s why an R&D tax consultant becomes indispensable:

  • Ensuring Eligible Activities – We don’t wait for an audit to discover if your activities qualify. Our expertise lies in proactively verifying that your R&D activities meet AusIndustry’s stringent eligibility criteria. This preemptive approach safeguards your claims against future reviews or audits, ensuring your R&D efforts are recognised and rewarded as they should be.
  • Validating Eligible Expenditure – Beyond just identifying eligible activities, it’s crucial to substantiate your R&D expenditure accurately. Should the ATO conduct an audit, we ensure your documentation is thorough and compliant, significantly reducing the likelihood of having to repay your incentive. Our role is to mitigate risks by meticulously preparing your claim, making sure every dollar claimed is justifiable.

Choosing not to partner with Bulletpoint as your R&D tax consultant might seem like a cost-saving measure in the short term, but the potential financial and operational impacts of an audit gone wrong can far outweigh those initial savings. Can you afford to pay back your R&D incentive?

Can you afford to pay back your R&D rebate from last 2 years?

Call 1300 658 508.

 

R&D Tax Incentive

Never apply again – You are not eligible!

Recently, a business came to us for assistance with their current year’s R&D claim.

They had been lodging their own applications successfully for 5 years. 

Upon reviewing their past claims, it became apparent that none of their activities met AusIndustry’s R&D criteria. 
I had to advise them to not only abandon this year’s claim but also to brace for the possibility of back payments and penalties for their previous years.
I said:
“Consider your self lucky and never to apply again”
This situation is not uncommon and illustrates how easily misunderstandings about eligibility criteria can put you at risk. 




Increased ATO Compliance

You may be aware that the ATO has been relatively lenient in performing audits between 2020 and 2022 due to the Covid-19 pandemic. 
However, we are now observing a clear shift towards increased compliance activities. 
If you’ve been self-managing your claims and haven’t yet faced an audit, it’s likely just a matter of time before you do, especially if you have payments to associates.  See what they are going after here
 
 

No BS R&D Tax Consultant

Do you want someone to tell you to tell you to claim all your product development costs? – That is not us!

We only claim what you are eligible for and what you can substaniate.

We want you to keep your R&D rebate.

Check out this graveyard of bad R&D tax advice:

  1. Top tech companies tell ATO: software is legitimate R&D
  2. ATO urges accountants to double-check R&D tax incentive claims
  3. Tax consultants put on notice as ATO escalates R&D warning
  4. ATO warns advisers against suspect R&D tax claims
  5. The ATO will take the strongest action when people seek to abuse the R&D tax incentive
  6. How CBA, Deloitte triggered the R&D incentive crackdown
  7. Tax agent sentenced to two years’ prison over $550,000 in fraudulent R&D tax incentive claims: Warning sounded on R&D scrutiny
  8. $22.7 million: ATO hands down largest fine EVER for tax rort
  9. $150 million tax fraud has occurred could involve the the misuse of the R&D Tax Incentive.
  10. Largest promoter penalty in R&D history handed down
  11. Record $22.68 million promoter penalty for R&D schemes
  12. ‘Largest ever’: RDTI adviser cops $23m penalty
  13. Airtasker hit by R&D incentive tax crackdown that threatens tech firms
  14. Australian Tax Office announces review into incorrect R&D tax break claims
  15. Updated guidance on R&D claims
  16. ATO Taxpayer Alert TA 2023/4-  Research and development activities delivered by associated entities

 

 

Our Advantage

Our Distinct Advantages at Bulletpoint

At Bulletpoint, we stand out in the R&D tax consultancy landscape for two critical reasons:

  1. Comprehensive, Speedy Service – Our approach is hands-on and efficient. We don’t just hand over blank forms for you to fill out; that’s our responsibility. We pride ourselves on our promptness, ensuring that there’s no waiting on your end. Our process is designed to be as seamless and straightforward for you as possible, allowing you to focus on what you do best—running your business.
  2. Proven Expertise and Experience – With a decade of experience, over 500 successful lodgements, and more than 250 positive Google reviews, our expertise is both broad and deep. However, the real testament to our proficiency is our track record with AusIndustry and ATO reviews and audits. Our work has been rigorously tested and has consistently withstood the scrutiny of these entities. This experience is invaluable, offering you peace of mind that your R&D claims are in capable hands.

 

Ready to see what our clients have to say?

Check out our Google Reviews and discover why businesses like yours choose Bulletpoint as their trusted partner in the world of R&D tax incentives.

Trust the experts!

Message us through our contact form to ensure

you’re not putting your business at risk.

R&D Tax Incentive

10 Red Flags of Bad R&D Tax Consultants

When you’re in the market for an R&D tax consultant, it’s essential to be aware of the red flags that might signal a less-than-ideal choice.

While we pride ourselves on our proven expertise, it’s crucial to know what to watch out for in a subpar consultant.

  1. Limited Experience – A telltale sign of a subpar consultant is one who has only handled a handful of R&D claims. In this field, experience is everything. Consultants with limited experience may not have had their work tested in the trenches of ATO and AusIndustry reviews.
  2. “Do-It-YourselfApproach – Beware of those who hand you five blank pages and tell you to fill them out. Your R&D tax consultant should be your partner, not a mere bystander. If they expect you to do all the work, it’s a red flag.
  3. Overly Optimistic Eligibility Claims: Your innovative ideas are undoubtedly impressive, but a subpar consultant might overpromise and suggest that you can get an R&D claim for anything and everything. However, innovation doesn’t always equate to eligibility. It takes a nuanced understanding of the government’s criteria to determine what qualifies.
  4. Sluggishness – A consultant should work ahead of you, not behind. If you’re waiting around for your consultant to catch up, it’s a clear sign of inefficiency. Time is of the essence when it comes to R&D tax incentives, and delays can cost you.
  5. Lack of Technical Engagement – A subpar consultant may insist on talking to the CEO or the person running the company or product. However, the best consultants know that the real insights come from the technicians and developers on the ground. They should be keen to engage with those who understand the nitty-gritty of your R&D projects.
  6. No Science Background – R&D tax applications are not just about numbers; they’re about 90% science. Consultants without a science background might struggle to grasp the intricacies of a hypothesis-driven approach. It’s essential to have someone who can speak the language of experimentation not an accountant.
  7. Weak Approach to Compliance – Compliance with ATO requirements is non-negotiable. Subpar consultants might take your word for it without asking for substantiation like timesheets, invoices, GL summaries, and other critical documentation. This lax approach can land you in hot water during audits.
  8. Blanket Approach – Some consultants may take a “claim it all” approach to overheads, failing to dive into the granularity of your General Ledger (GL).
  9. How Did They Find You? – Cold Calls and Promises: Beware of consultants who cold call you with promises of cash through R&D tax incentives. Consultants resorting to aggressive cold calling might be putting themselves and potentially you at risk of promoter penalties.
  10. Accountants in R&D –  R&D tax incentives require a unique expertise beyond traditional accounting. While accountants excel in numbers, R&D involves science, experimentation, and hypothesis-driven approaches.

We are the highest rated R&D tax consultants in Australia

There is a reason we are #1

When it comes to securing your R&D tax incentives, the choice of a consultant is crucial.

We avoid the red flags.

Partner with Bulletpoint, where you’ll find a team with over a decade of experience, 500+ successful applications, and a reputation built on trust.

Our meticulous approach to eligibility, overhead claims, and compliance ensures you get the maximum value from the R&D tax incentive program.

Don’t compromise; choose Bulletpoint as your trusted R&D tax consultant.

Contact us today to get started on

optimising your R&D claims.

Call 1300 658 508

R&D Tax Incentive

What can you expect from us?

At Bulletpoint, we take pride in our client-centric approach to handling R&D tax incentives.

Here’s a succinct overview of what you can anticipate when working with us:

  • We Do the Heavy Lifting – Unlike consultants who hand you a blank form and expect you to fill it out, we believe in doing the legwork. We gather the necessary information by conducting thorough research and engaging in technical discussions to ensure your application is comprehensive and robust.
  • Efficiency is Key – We understand that your business operations are a top priority. That’s why we’ve streamlined our process to be highly efficient, minimising the time you need to invest in the application to approximately five hours.
  • Full-Service Solution – Our dedicated team handles every aspect of the R&D tax incentive application. From conducting background research to preparing all the necessary documents and crafting a compelling application, we’ve got you covered.
  • Quality Assurance – Our unwavering commitment to delivering excellence shines through in the quality of our work. Backed by a decade of experience and expertise in the field, we consistently produce high-quality R&D tax credit applications that not only withstand scrutiny but also maximise your potential claim.

When you choose Bulletpoint, you’re selecting a partner who is dedicated to simplifying the R&D tax incentive process, allowing you to focus on running your business while we handle the administrative burdens.

 

How are we going to do it?

Our approach is designed to be as efficient as possible, minimising the time and effort required on your end.

Here’s a breakdown of our process, which typically takes approximately five hours of your team’s time (for 90% of our clients):

  1. Technical Discussion (1 hour) – We kick off with an in-depth technical discussion that lasts about an hour. During this session, we explore your projects thoroughly, delving into the technical aspects, uncertainties, and advancements. Our aim is to gain a deep understanding of the nature of your innovative activities.
  2. R&D Plan Review (1 hour) – Our team will prepare a summary of the experiments, including hypotheses and experimental techniques. We’ll then share this summary with your technical team for review. They can provide any additional quantitative test results or technical clarifications as necessary, ensuring the accuracy and completeness of your R&D plan.
  3. Financial Data Collation (1 hour) – Gathering relevant financial reports is a crucial step in the process. This typically includes documents like the Profit and Loss (P&L) statement (draft versions are acceptable if final ones aren’t available), payroll summaries, General Ledger (GL) entries for contractors, and other major R&D costs. You don’t need to finalise these documents beforehand, as we will work closely with you to query each item and ensure accuracy.
  4. Internal Timekeeping (1-2 hours) – Accurate apportionment of internal staff time to your R&D projects is vital for a successful claim. We will assist you in collecting timesheets and reviewing the evidence supporting the calculated percentages. Additionally, we can provide advice on effective strategies to simplify this process, ensuring it doesn’t become burdensome.
  5. R&D Budget Review (30 minutes – 1 hour) – Our team will prepare and provide the final R&D budget for your review. This step also offers an opportunity to address any company structure issues that may impact the application, ensuring everything aligns smoothly with your specific circumstances.

Contact us today to discuss your requirements

Call 1300 658 508

R&D Tax Incentive

 

What are the main outputs from an R&D Tax Consultant?

What are the main outputs from an R&D Tax Consultant?

An R&D Tax consultant typically provides two main documents as part of their services:

  • R&D Activity Registration – This document is submitted to AusIndustry and serves as the R&D application, detailing your research and development activities.
  • R&D Tax Incentive Schedule – This comprehensive report includes all the necessary R&D details and is provided to your accountant. It plays a crucial role in claiming R&D tax incentives.

 

Can you do it yourself?

In theory, yes, you can handle the R&D Tax Incentive application on your own, as it’s designed to be self-assessed.

AusIndustry provides a comprehensive 48-page guide called ‘The R&D Tax Incentive: A Guide to Interpretation,’ and they also offer regular 2-hour information sessions to assist.

However, it’s crucial to consider a few key factors.

  • First, you’ll need to assess the time it will take to complete the application accurately.
  • Second, you should be aware of the potential risks associated with DIY approaches.

The ATO has penalised many companies for submitting ineligible claims, which can result in fines and complications.

Therefore, while it’s possible to handle it yourself, the decision should be made after weighing the time commitment and the risks involved.

Book a Calendar Spot Now

Call 1300 658 508

R&D Tax Incentive

Why doesn’t my accountant prepare the R&D tax incentive application?

While accountants play a crucial role in managing financial aspects, the preparation of the R&D Tax Incentive application involves a unique set of skills and knowledge.

Typically;

R&D Tax incentive consultants come from scientific or STEM backgrounds

which is essential for comprehending the intricate details of research and development activities.

While accountants can assist with certain financial aspects of the R&D Tax Incentive, approximately 95% of the work revolves around non-financial elements.

Understanding the scientific experimentation process, including hypothesis testing and other technical aspects, is paramount.

As a result, most accountants prefer to collaborate with specialists who possess the necessary expertise in the technical aspects of research and development. R&D consultants work in conjunction with accountants to seamlessly integrate the R&D Tax Incentive schedule into the Income Tax Return, allowing you to benefit from both financial and technical expertise while keeping your trusted accountant.

Worried About an AusIndustry Review?

R&D Tax Incentive

What does the Government think?

Understanding how the Government interprets the ever-evolving landscape of the R&D Act is a vital task, and this is where the expertise of an R&D consultant truly shines.

For instance, being aware that specific software activities may not align with the government’s definition of experimentation is a level of insight that an experienced R&D consultant possesses. This knowledge can make a significant difference in determining the eligibility of your R&D claims.

Furthermore, comprehending how the nuances of the R&D Act and its guidance apply to articulating and presenting the development work in various industries, such as manufacturing, is another crucial aspect. The specifics of each industry and each project require a deep understanding of the contemporary interpretation of the legislation and official guidance.

 

Been Successful in the past?

You were not successful;

you were just not audited!

Recently, there’s been a noteworthy shift in how AusIndustry communicates the status of R&D activities.

This change revolves around the terms “approval” and “registration,” and it’s essential for businesses to comprehend what this evolution means for their R&D claims.

Past Terminology: “Approval”

In the past, businesses applying for the R&D Tax Incentive program would receive letters from AusIndustry stating that their R&D activities had been “approved.” These letters would often contain language like:

“I am pleased to advise that the delegate of Innovation Australia has approved the registration of the research and development (R&D) activities detailed in the application below. This decision has been made under section 27A of the Industry Research and Development Act 1986.”

However, it’s crucial to note that this “approval” didn’t necessarily imply final acceptance. It indicated that AusIndustry had recognized the activities.

Current Terminology: “Registration”

In recent times, AusIndustry has shifted its language. Instead of stating that R&D activities are “approved,” letters now indicate that they have been “registered” for the R&D Tax Incentive program:

“The delegate of Innovation and Science Australia (the Board) has registered the research and development (R&D) activities detailed in the application below for the R&D Tax Incentive. This decision has been made under section 27A of the Industry Research and Development Act 1986 (the IR&D Act).”

You werent successful!

The real test of your R&D claim’s validity occurs during audits, conducted either by AusIndustry (for activities) or the Australian Taxation Office (ATO) (for expenses).

These audits scrutinise the details and compliance of your R&D activities.

Navigating the complexities of R&D tax incentives demands expertise.

Working with experienced R&D tax consultants is crucial to ensure your claims are not only “registered” but also compliant and successful.

At Bulletpoint, we’re here to guide you through the R&D tax incentive journey, making it seamless and productive for your business.

 

Uncertain About Eligible R&D?

Cut through the jargon and get clarity.

Dial 1300 658 508 now to discuss your project’s eligibility

with Australia’s top R&D tax consultant.

R&D Tax Incentive

 

R & D Tax Consulting

We are based in Melbourne at The Cluster (17/31 Queen St, Melbourne VIC 3000). But many of our clients are based interstate. It is pretty these days with email, phone and zoom etc.

Send me an email to ben@bulletpoint.com.au if you want to catch up.

 

More Information

Frequently Asked Questions

An R&D Tax Incentive Consultant is a professional who provides expertise and guidance to businesses looking to claim the Research and Development (R&D) Tax Incentive. They ensure that claims align with government criteria, maximising the benefits while ensuring compliance.

Navigating the R&D Tax Incentive can be complex. A consultant offers expert guidance, helping businesses identify eligible activities, quantify expenditures, and prepare necessary documentation, thereby maximising the claim while minimising the risk of non-compliance.

A competent R&D consultant typically holds qualifications in accounting, taxation, or a relevant technical field. They should also have a deep understanding of the R&D Tax Incentive legislation, its interpretation, and practical experience in preparing and reviewing claims.

An R&D consultant can identify and document eligible R&D activities, assist in maximising your claim, ensure compliance with the legislation, represent you in audits or reviews, and keep you updated on legislative changes.

While there’s an associated fee, the potential financial benefits, time saved, and reduced risk of non-compliance or audit repercussions often outweigh the costs. Many businesses find that the expertise of a consultant results in a larger and more secure claim.

They assess your activities against the government’s definitions of core and supporting R&D activities, ensuring they meet the requirements of being systematic, experimental, and undertaken to generate new knowledge.

While many consultants have experience across various sectors, from technology to agriculture, it’s essential to engage a consultant familiar with your industry’s nuances.

The fee structure can vary. Some consultants charge an hourly rate, some a fixed fee, while others might charge a percentage of the tax incentive received.

Yes, many R&D consultants provide representation during audits or reviews, using their expertise to address questions and clarify claims.

While both deal with tax matters, an R&D Tax Incentive Consultant specialises in the R&D Tax Incentive, bringing specific expertise in identifying eligible R&D activities and ensuring compliance with the associated legislation.

While not mandatory, it’s beneficial to engage a consultant annually to ensure that new activities are assessed and that the claims align with any legislative changes.

You can still claim the R&D Tax Incentive for the portion of the year when R&D activities were undertaken. An R&D consultant can guide you on this.

Check their qualifications, experience, client reviews, and seek references. Entities like Bulletpoint, with a proven track record and high client ratings, are typically reliable choices.

Yes, many R&D consultants are also knowledgeable about other governmental grants and incentives and can guide businesses in accessing these.

Engaging a consultant early, preferably at the beginning or midway through the financial year, allows for proper documentation and tracking of R&D activities, ensuring a robust claim.

While their primary role revolves around the tax incentive, many consultants offer insights into optimising R&D processes based on their vast experience across industries.

Absolutely. Startups often engage in R&D activities, and a consultant can help them navigate the incentive, which can be crucial for their financial health.

No. Whether you’re a large enterprise or a small business, if you’re undertaking R&D activities, a consultant can provide valuable assistance.

Begin by setting up an initial consultation. Entities like Bulletpoint offer easy ways to book a meeting to discuss your needs.

Want to chat about the R&D tax incentive?

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