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contemporaneous record keeping

What records should a software R&D company maintain in order to substantiate its R&D Tax claims?

AusIndustry and the ATO require claimants to demonstrate that their R&D activities and associated expenditures have been reliably determined through contemporaneous record keeping.

But what does this mean?

As a starting point, both bodies acknowledge that the “records kept by individual claimants will vary depending on the nature of their business”.

Contemporaneous means keeping records “as you go”.

To ensure that you are maintaining the necessary records to substantiate your claims, download our free guide, which contains helpful information on the requirements satisfied by contemporaneous record keeping and how you can go about accomplishing this.

Our guide covers the scientific method and how it applies to software companies, one of the more difficult industries to claim, giving special attention to tools commonly used within the industry to track time and projects.

Don’t get caught out by poor advice! Many R&D tax advisors don’t provide a documentation review or record keeping solutions. The R&D Tax incentive is a self-assessment scheme, whereby claimants are required to produce substantiating evidence and supporting documentation in the event of an audit. Quality, defensible, claim preparation will help companies with good R&D and eligible activities stay secure.

Contact us for an R&D Tax Compliance Health Check. TCF Services can put you on the right track with quality record keeping solutions.

Download our Contemporaneous Record Keeping Guide Here