“It’s fine. My accountant does it for a few of his clients and I’m happy with the outcome”.
While all accountants are definitely not the same, the ATO reports the highest error rates for R&D claims are made by accountants that lodge less than five claims a year.
The carrot and the stick. With a 43.5% tax offset at stake, claimants need to be sure they don’t get it wrong and get caught up in a later audit whereby they may have to repay the benefits received plus penalties and interest.
Undertaking an R&D Tax Compliance Health Check is a great way to sort things out and get some peace of mind as you need to know whether your claims are defensible.
After a site tour or presentation about the opportunities and challenges facing your business, we address the key issues facing firms claiming the R&D Tax Incentive.
Quite simply these cover:
This is combined with a review of your last claim, your record keeping system and the results you have achieved to date. Tax compliance health check participants expand their understanding of the activities which can be claimed and how to capture them on an ongoing basis to bolster their compliance.
So we have created templates to help you get up to speed quickly and satisfy the scheme’s compliance requirements. These include R&D Project Plan templates for software and engineered products, information sheets on important aspects of claiming the Tax Incentive, and intuitive weekly labour tracking spreadsheets.
Thank you for visiting TCF Services. We recently joined Ryan, an award-winning global tax services and software provider and the largest Firm in the world dedicated exclusively to business taxes. Its Asia-Pacific operations provide many of the most respected companies in the region with a comprehensive suite of integrated international tax services, building total tax performance, improving cash flow, and continuous improvement by transforming the tax function into a “best practices” environment. Learn more from our recent press release or by visiting Ryan.com/asia-pacific. We look forward to serving you.