TCF Services commences its engagement with any prospective R&D Tax claimant by firstly scoping the 4 pillars of eligibility and calculating the potential benefit to ensure a potential claimant clearly understands their responsibilities under the legislation and the commercial benefit provided from participating in the R&D Tax Incentive.
The Four Pillars of Eligibility are:
Eligible Project Activities
Eligible Record Keeping
Once the various requirements under each of the 4 pillars have been clarified a firm decision can generally be made as to whether a claimant should engage in the cost of implementing the required record keeping processes and engaging our services to prepare and lodge defensible claims.
The claim preparation process is two-step process and must be completed within 10 months after each financial year as it ultimately forms part of a company’s annual tax return lodgement.
The process firstly requires a technical write-up to be prepared which addresses the many questions sought by AusIndustry within the application required “to register R&D activities”, the writing of these applications is handled by our R&D Tax consultants who are either PhD’s with expertise in your field of technology or industry experts with varying qualifications and experience capable of understanding your technology. Our points of difference is that unlike most R&D Tax agents who are tax accountants, we actually understand technology and will prepare your submission as opposed to blindly accepting your write- up for lodgment.
The second stage of the claim process is linking the eligible R&D costs to the activities being claimed – this calculation is undertaken and checked by our internal Accountants who are generally CPA’s to ensure compliance, The output of this process is the delivery of a registered R&D Tax schedule which is passed to your external tax accountant for lodgment in your company’s annual tax return.