The R&D tax incentive e-learning course will introduce the fundamentals of the R&D Tax Incentive to non-R&D specialised accounting and tax professionals
Top 5 tips on how to maximise the R&D tax incentive
R&D Tax Incentive e-Learning Course
The R&D tax incentive has been operating continuously in Australia for nearly 30 years. However, despite the long-standing nature of R&D tax incentives in Australia and the fundamental importance of R&D to the economy, fewer than 11,000 firms claim each year.
Many SMEs had been put off by the perceived difficulty of meeting eligibility criteria and the potential risks if a claim was reduced or disallowed at tax time.
AusIndustry’s Approach to Guidance on R&D Tax Incentive
To help more firms, especially SMEs, understand how to meet the registration and claiming requirements of the R&D Tax Incentive, AusIndustry investigated the adequacy of the R&D tax incentive e-learning program guidance available and piloted an R&D Tax Incentive curriculum entitled R&D Tax 101 – Introduction to the R&D Tax Incentive to introduce the fundamentals of the R&D Tax Incentive to non-R&D specialised accounting and tax professionals who assist small and medium-sized enterprises (SMEs).
In addition, with no organised body of knowledge or curriculum available on the R&D Tax Incentive through relevant professional associations, tertiary institutions or training providers, AusIndustry developed a curriculum: ‘R&D Tax Incentive Learning & Development 101 for Accountants and Tax Advisers’.
In a one day facilitated face-to-face session and a self-paced R&D tax incentive e-learning course module, the curriculum explores the legislation, key concepts and definitions of the R&D Tax Incentive. It features practical case-study based exercises which explain the annual R&D registration process, the tools available for completing the R&D tax schedule, as well as what to expect from – and how to respond to – an AusIndustry compliance engagement.
The curriculum was recently piloted with accountants and tax advisers in Sydney, Melbourne and in Northern NSW/South-East Queensland with positive engagement and feedback at all sessions. These sessions are being evaluated with a view to refining the curriculum content and delivery for national release – ideally through professional associations and other channels in support of continuing professional development processes.
The R&D Tax Incentive eLearning Course aims to introduce Accountants and Tax Agents to the R&D Tax Incentive.
By the end of this R&D tax incentive e-learning course you will:
- have a better understanding of the R&D Tax Incentive, its benefits and how it operates
- become familiar with the basic programme eligibility requirements, including self-assessment
- know where to go for more information.
R&D tax incentive e-learning Course Modules
Module 1: Introduction
- explains what the R&D Tax Incentive is
- provides information about how to access the programme
- explains the role of Research Service Providers (RSPs) and how they can undertake R&D on behalf of, and under contract to, other companies
- describes the industry sectors currently supported by the programme
- provides you with access to a video that focuses on three companies and what they have achieved with support from the R&D Tax Incentive.
Module 2: Eligibility
In this module you’ll learn about the eligibility requirements of the programme. This includes helping you answer questions like, is my client:
- an eligible R&D entity?
- undertaking eligible R&D activities?
- claiming eligible R&D expenditure?
Module 3: Self-assessment and compliance
During this module you will learn about:
- the self-assessment, registration and claiming processes
- compliance and record keeping
- the compliance review process
- where you can get more information.
The curriculum pilot and evaluation process has increased knowledge in the market, and reach of the R&D Tax Incentive. It has also opened the minds of all program participants (regulators, businesses, advisors and more) to the opportunities for continuous development and alignment of the mechanisms through which support is provided to Australian business. The continued uptake of the R&D Tax Incentive will contribute to Australia’s attractiveness as an R&D partner and the innovative capacity of Australian firms.
Top 5 tips on how to maximise the R&D tax incentive
Highlights of Pilot Evaluation
- 54% of pilot participants were professional Accountants and 30% Tax Agents/Advisors.
- Attendees were from accounting firms/practices in the SME sector: 28% medium tier, 28% small tier and 7% sole practitioners; who were providing accounting and tax services to a wide range of business sectors.
- 55% of participants had never used AusIndustry products or programs before.
- 62% of participants had previously identified opportunities for their clients to claim R&D Tax Incentive benefits, and 50% had given some R&D Tax Incentive advice to their clients in the past.
- 88% of participants stated that after the face-to-face course they would be more confident in identifying possible areas for R&D Tax Incentive benefits for their clients.
- 91% of participants rated the face-to-face course as excellent to good:
- 97% of participants stated they would recommend the face to face course to others.
- 100% of participants rated the online course as either excellent (39%) or good (61%).
- External participants also provided feedback on additional training needs. These include a wide range of resources including: more advanced case studies, R&D 201 – Next Steps, etc.