Research and development tax incentive
Are you being rewarded for your innovation?
The Australian Government’s R&D Tax Incentive provides a significant benefit for companies that invest in research and development. Bentleys’ national team of R&D tax experts provide the expertise and smart tools required to make claiming the incentive easy, without compromising on compliance.
About the R&D Tax Incentive
The Research and Development (R&D) Tax Incentive is a market-driven program which encourages Australian businesses to invest in innovation. The incentive takes the form of either a tax refund or a tax reduction.
Despite the significant benefits available, the R&D Tax Incentive is often overlooked by Australian business due to low awareness and/or a perceived high cost and complexity of identifying eligibility, gathering documentation and maintaining compliance.
If your business actively invests in its future by developing new or improved materials, products, devices, processes or services, then it’s likely that a proportion of your expenditure is eligible for a tax offset.
How much is the incentive worth?
The value of your R&D Tax Incentive is a direct function of your R&D expenditure. Companies with a turnover of less than $20m per annum receive a 45% refundable tax offset (equivalent to a 150% deduction) on their R&D expenditure, provided they are not controlled by income exempt entities. Other eligible entities receive a non-refundable 40% offset (equivalent to 133% deduction) on their R&D expenditure
Our service and supporting technology
Bentleys’ R&D tax experts are located across Australia and are available to provide expert support at every stage of your R&D lifecycle.
Our approach aims to educate and empower you – to allow you to take greater control over your R&D claims and to provide you with peace of mind knowing the highest of compliance standards are maintained.
Bentleys R&D advisory methodology
The R&D Tax Services Method of Bentleys is a hybrid model that blends traditional, personal advisory and consulting models with modern, efficient collaborative software systems.
The outcome of this is the delivery of a best practice, compliant R&D Tax registration output with a low cost, low impact, risk mitigated process.
Our model was developed on the premise that R&D Tax, while demonstrating the attributes of being a simple self-assessment entitlement program, is in fact a ‘reward’ in the form of a tax benefit for companies that adopt compliant knowledge management practices.
Our approach is underpinned by the deployment of systems, tools and services that enable clients to better manage R&D projects while taking care of R&D tax at the same time.
The key principle of our methodology is based on the requirement for R&D Tax registrants to maintain contemporaneous records of R&D events throughout the whole R&D cycle. This is a mandatory compliance requirement. Our model is based on the concept that contemporaneous record keeping lends itself to contemporaneous R&D advising.
This approach results in optimized R&D claims and compliance with reduced compliance costs and risks. Overall, our R&D Tax advisory goals are:
to streamline the R&D Tax compliance process and achieve real-time, collaborative management enabling claims to be prepared progressively throughout the year, not just at the time of registration.
to improve R&D Tax compliance by introducing effective knowledge management practices into client organisations that shift the responsibility for preparation of work to those that undertake R&D work, lessening the burden on the organisation CFO.
to reduce the cost of R&D Tax compliance by improving the level of client education on R&D Tax and enabling clients to take a more active role in claim preparation.
to provide systems and services that enable clients to better manage R&D investments themselves while looking after R&D Tax at the same time.
To commence your claim, register at no charge at www.bentleys.com.au/RDI/register
Bentleys R&D tax experts are located in Adelaide, Sunshine Coast, Brisbane, Newcastle, Sydney, Melbourne, Perth and Hobart.
Partner, Tax, Brisbane, Brisbane, QLD
+61 7 3222 9777
Dean is a Partner in the tax consulting division in Brisbane, with specialist expertise in corporate taxation.
Director, Bentleys R&D Incentives, Adelaide, SA
08 8372 7900
One of the most experienced research and development (R&D) tax advisors in Australia, Mike leads our R&D team to facilitate taxation incentives for progressive businesses across Australia.
Director, Taxation Services, Adelaide, Adelaide, SA
+61 8 8372 7900
David is the leader of our taxation consulting team. David supports a diverse range of enterprises, and is a specialist in the manufacturing and property sectors.
Director, Taxation & Business Services, Perth, Perth, WA
+61 8 9226 4500
“I enjoy tucking into complex tax legislation, seeing how it all fits together, then coming up with user friendly advice for my clients.”
Director, Taxation Sydney, Sydney, NSW
+61 2 9220 0705
Darren is a Director of Taxation in Sydney and leads the firm’s International Services and Asia Desk division.
Manager, Research & Innovation, Brisbane, QLD
+61 7 3222 9641
Ilona is the Manager of Research and Innovation within the Technology and Innovation division at Bentleys.