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 4 pillars of eligibility are:
1/ Eligible entity
2/ Eligible project activities
3/ Eligible expenditure
4/ Eligible record keeping
Once all of the rules within each of the 4 pillars have been established 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 – unlike most R&D Tax agents who are tax accountants, don’t understand your technology and rely totally on the client to claim eligible activities/ expenses.
The second part of the process is linking the eligible R&D costs to the activities being claimed – this calculation is undertaken and checked by our Accountants who are generally CPA’s to ensure compliance and is provided via a R&D Tax schedule by way of to the clients external tax accountant delivered through a document.