Posted By: R&D SmartTax

Are you ready? From 1 July 2012 companies can lodge their R&D Tax Incentive Application forms with AusIndustry, starting the process towards receiving thousands of dollars in benefits from the ATO. AusIndustry is the Federal Government body tasked with administering the eligibility and registration of research and development activities for the R&D Tax Incentive program.

The 2012 R&D Tax Incentive “Application: Registration of R&D Activities” form is a brand new form tailored to the brand new R&D Tax Incentive program. As such we thought it would be a good idea to put forward our 5 most important tips towards completing this form correctly and getting your R&D claim over the line.

1. Quality Over Quantity
AusIndustry has told us that the information you submit should have sufficient technical detail so that they understand your projects and activities. However don’t submit excessive information assuming that they will appreciate your extra efforts as this will likely make assessing your claim more difficult rather than easier.

2. Address the Criteria
Make sure you read all the notes and guidelines before you write your responses, and address all criteria listed in the questions. If you give AusIndustry exactly what it is looking for then it will have no reason to undertake further reviews or audits of your R&D claim.

3. Disclose Collaborations
Collaborations between your company and other research organisations including CRCs and Research Service Providers will need to be disclosed. However in most circumstances it will be unlikely you will need to disclose any work by subcontractors unless undertaken in a true collaborative effort.

4. One Form Per Claimant
Each form downloaded has an ID tag unique to each claimant. This means you will need to download a separate form for each claimant entity. Forms are in a .pdf format and can be saved and shared amongst people helping to prepare and review. However note that you can only print a full copy of the form before completing any sections. If you partially complete the form and then print it, you will only see the sections you have completed.

5. Attachments are Allowed
A brand new feature that you should take advantage of. It is not mandatory to attach any documents to your claim. However it is our view that should your company have photos or diagrams that help to articulate your project, then you should definitely attach these. After all, a picture speaks a thousand words!

As a final tip, AusIndustry continues to stress how important record-keeping is for your R&D claim. Make sure you keep a folder and documents for each area of eligibility you are addressing with your claim.

For record-keeping Templates including a Substantiation Checklist, go to the R&D SmartTax website here. And do not hesitate to contact us at [email protected] if you have any questions or queries about making R&D tax claims.

About R&DSmartTax

R&D SmartTax tools were born out of a desire to help the many smart small Australian companies access the R&D Tax Break benefits without the need for hours spent reading tax literature or expensive consultant fees. The R&D Eligibility Wizard is designed to be low cost, easy to use and available for all Australian industries.

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