{"id":861,"date":"2016-01-22T05:22:11","date_gmt":"2016-01-22T05:22:11","guid":{"rendered":"http:\/\/ausgrant.com.au\/?p=861"},"modified":"2016-02-29T23:41:25","modified_gmt":"2016-02-29T23:41:25","slug":"what-records-are-needed-for-the-rd-tax-incentive","status":"publish","type":"post","link":"https:\/\/ausgrant.com\/au\/what-records-are-needed-for-the-rd-tax-incentive\/","title":{"rendered":"What Records are needed for the R&#038;D Tax Incentive?"},"content":{"rendered":"<p><a href=\"http:\/\/ausgrant.com.au\/wp-content\/uploads\/2016\/01\/tax-468440_960_720.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"  wp-image-862 alignleft\" src=\"https:\/\/ausgrant.com.au\/wp-content\/uploads\/2016\/01\/tax-468440_960_720-300x200.jpg\" alt=\"tax-468440_960_720\" width=\"240\" height=\"160\" \/><\/a>With the Turnbull Government pledging for an innovative society, the importance of research and development (R&amp;D) has been increasingly discussed in the local community. In particular, the R&amp;D tax incentive and its lucrative benefits have become progressively public knowledge. Despite this, however, there remains much confusion about the incentive.<\/p>\n<p>Hence, in light of this, we look at the record-keeping that is needed if a company wishes to apply for the R&amp;D tax incentive. Maintaining these documents is beneficial to companies as it will reduce the expenditure that may be associated with a compliance review. It also supports the company to conduct its work and re-visit ideas, processes and solutions in the future. Moreover, if the company wishes to commercialise its work, potential investors will anticipate having access to a comprehensive range of records.<\/p>\n<p><strong>What records should be maintained? <\/strong><\/p>\n<p>Companies must keep sufficient records to validate:<\/p>\n<ul>\n<li>They conducted eligible research and development activities<\/li>\n<li>They experienced eligible expenditure in relation to those activities<\/li>\n<li>Their R&amp;D activities and expenditure met all other legislative requirements under the scheme<\/li>\n<\/ul>\n<p><strong>Record keeping for tax purposes:<\/strong><\/p>\n<p>A company\u2019s business records must be sufficient to verify:<\/p>\n<ul>\n<li>The amount of expenditure incurred on R&amp;D activities<\/li>\n<li>The nature of the R&amp;D activities<\/li>\n<li>The relationship between the expenditure and the R&amp;D activities. It is the company\u2019s responsibility to satisfy the ATO of the accuracy of the method used to allocate and calculate the proportion of expenditure on core R&amp;D activities and supporting R&amp;D activities.<\/li>\n<\/ul>\n<p>If the R&amp;D activity is undertaken by a contractor, documents involving to the contract, the R&amp;D activities and the project report and invoices should contain:<\/p>\n<ul>\n<li>The date the R&amp;D activities are undertaken<\/li>\n<li>Sufficient detail to ascertain the amount of expenditure on the R&amp;D activities<\/li>\n<li>A description of the activities performed by the contractor to link the fee with a particular R&amp;D activity. Under tax law, records must generally be kept for a minimum of five years.<\/li>\n<\/ul>\n<p>As can be seen from above, record-keeping is vital for companies if they are wishing to claim a tax incentive. Indeed, the details in the incentive means that there can be confusion when making a tax claim based on R&amp;D activities. Hence, how can companies avoid errors when making a claim?<\/p>\n<p>One way of escaping error is by engaging in a reputable R&amp;D Tax Specialist, such as\u00a0Ausgrant. \u00a0Our specialists will be able to support any questions you may have. If you would like any more information on the R&amp;D Tax Credit, please<a href=\"http:\/\/ausgrant.com.au\/contact-us\/\">\u00a0contact us<\/a>\u00a0today to find out more.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the Turnbull Government pledging for an innovative society, the importance of research and development (R&amp;D) has been increasingly discussed <a href=\"https:\/\/ausgrant.com\/au\/what-records-are-needed-for-the-rd-tax-incentive\/\" style=\"float:right; padding-bottom:10px;\"><br \/><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-861","post","type-post","status-publish","format-standard","hentry","category-latest-news"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Records are needed for the R&amp;D Tax Incentive? 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- AusGrant - Leading R&amp;D Grant Writers","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ausgrant.com.au\/what-records-are-needed-for-the-rd-tax-incentive\/","og_locale":"en_US","og_type":"article","og_title":"What Records are needed for the R&D Tax Incentive? - AusGrant - Leading R&amp;D Grant Writers","og_description":"With the Turnbull Government pledging for an innovative society, the importance of research and development (R&amp;D) has been increasingly discussed","og_url":"https:\/\/ausgrant.com.au\/what-records-are-needed-for-the-rd-tax-incentive\/","og_site_name":"AusGrant - Leading R&amp;D Grant Writers","article_published_time":"2016-01-22T05:22:11+00:00","article_modified_time":"2016-02-29T23:41:25+00:00","og_image":[{"url":"http:\/\/ausgrant.com.au\/wp-content\/uploads\/2016\/01\/tax-468440_960_720-300x200.jpg","type":"","width":"","height":""}],"author":"Swanson Reed","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Swanson Reed","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/ausgrant.com.au\/what-records-are-needed-for-the-rd-tax-incentive\/","url":"https:\/\/ausgrant.com.au\/what-records-are-needed-for-the-rd-tax-incentive\/","name":"What Records are needed for the R&D Tax Incentive? 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