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Learn more about your industry:
Agriculture
Have you thought about how the following could affect your R&D claim?
- Separating costs incurred on R&D activities from ordinary farming activities
- The implications of the agriculture R&D taxpayer alert
- The R&D eligibility impact if your R&D is directly or indirectly related to producing goods.
Do you have contemporaneous records to substantiate your R&D activities and expenditure?
Biotechnology, medtech and life sciences
Have you thought about how the following could affect your R&D claim?
- Where are clinical trials undertaken?
- Is your research “foreign-owned” - do you meet all the eligibility criteria?
- Do you need an Advance/Overseas Finding - do you meet all the eligibility criteria?
- Who conducts your clinical trials and other research activities?
- Are all activities conducted “for” the correct entity?
- Did you receive any government grants? Do you know how this may affect your R&D claim?
Do you have contemporaneous records to substantiate all aspects of your R&D claim, including the expenditure and the R&D entity?
Engineering and Manufacturing
Have you thought about how the following affects your claim?
- How do you distinguish between core R&D activities and routine engineering?
- How do you identify when R&D stops during a production trial?
- Did you produce prototypes during your research activities and have you considered how feedstock adjustments may affect your claim?
- Is your R&D directly or indirectly related to producing goods or services? Do you know how the “dominant purpose” test could affect your R&D eligibility?
Do you have contemporaneous records to substantiate your R&D activities and expenditure?
IT and Software Development
Have you thought about how the following affects your R&D claim?
- How do you distinguish between routine software development activities and R&D activities? Have you considered the software R&D taxpayer alert?
- What documentation available can provide evidence that software development activities in the R&D claim meet all the eligibility criteria?
- Is your R&D directly or indirectly related to producing a service? Do you know how the “dominant purpose” test could affect your R&D eligibility?
Do you have contemporaneous records to substantiate your R&D activities and expenditure?
Mining
Have you thought about how the following affects your R&D claim?
- At what point can the application or adaptation of existing technology be considered a core R&D activity?
- When do R&D activities actually commence and finish within the overall project?
- Do you know how the feedstock rules apply to your R&D claim?
Do you have contemporaneous records to substantiate your R&D activities and expenditure?
Start-ups
Have you thought about how the following affects your claim?
- Will a capital raising affect your aggregated turnover?
- Does your business structure allow you to claim R&D?
- Have you considered an Early Stage Innovation Company (ESIC) application?
- Do you understand the impact of payments to associates and how this affects your R&D claim?
- Are you planning to expand overseas? Do you know how this can impact your R&D claim?
Do you have contemporaneous records to substantiate your R&D claim and expenditure?
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Contact us
Sophia Varelas
Private National Leader, R&D and Government Incentives, PwC Australia
Tel: +61 417 208 230
