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In its 21st year as a leading industry assistance and government grants consultancy firm, TCF Services continues to deliver the future for their clients by maximising grant returns and minimising the fuss of compliance. Through experience, TCF has repeatedly proven its ability to understand the legislative requirements of the programs they deliver, identify eligible activities that can be claimed, provide systems to track and quantify eligible expenditure and most importantly understand the technical elements of their clients projects across a wide range of industries.
The new R&D Tax Incentive commenced 1st July 2011
The successful launch of their specialist R&D Tax division is testimony to the market acceptance of the TCF Way of handling new and complex Government legislation. Coming from a background of measuring research and development and innovation in sector specific programs for the Textile, Clothing and Footwear (TCF) and Automotive industries, TCF Services are familiar and comfortable with a far higher level of compliance compared to the open ended nature which the self- assessed R&D Tax Concession scheme was administered.
The eligibility criteria and the level of compliance for the new R&D Tax Incentive will increase dramatically as funding must remain revenue neutral until the budget is back into surplus. To ensure the R&D Tax Incentive only goes to claimants undertaking eligible R&D against eligible costs, all claimants must maintain contemporaneous records for labour and direct R&D costs by each activity, by project, and these activities and costs then claimed as either core or supporting R&D. This process is made possible by using the systems TCF Services have developed, proven and adapted from prior programs. While other grant consultants simply expect their clients to maintain these records and take no responsibility for their ultimate compliance, TCF Services work on a success fee basis which underwrites their clients’ compliance. So if you want to sleep peacefully at night knowing that you are compliant, as well as having maximised your return, call us now as this is our point of difference.
R&D Tax Concessions and Offsets claims for 10/11 financial year
The R&D Tax team are now lodging the last year of claims under the long running R&D Tax Concession and Offset programs. The team has grown to include TCF Services’ executives, their R&D and innovation experts from the TCF and Auto fields and the experienced staff acquired through the acquisition of SPS Grants who specialised in R&D Tax since 1991. These include engineering, accounting and software industry specialists.
Auto and TCF Today
Along with a change of Federal Government in 2007, and the fallout of the Global Financial Crisis in 2008, came major changes in the innovation orientation of Government policy. After extensive reviews, the major ACIS and SIP schemes were replaced with the new ten year $3.4b Automotive Transition Scheme(ATS) and the new five year $112.5m Household Textiles and Clothing Building Innovative Capacity (BIC) scheme.
TCF Services remain the acknowledged leader in the hands on delivery of grants under these schemes. They are the proud sponsors of many highly innovative entrants to the industry, and longstanding advisors to many of the country’s leading TCF and Auto firms.
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