As a firm of Chartered Accountants, accounting services are at the core of what we do. We understand that you don't necessarily place a great deal of importance on compliance services, that's our job. Not only do we provide good value for money in these areas but we consider that being your accountant gives us an extremely privileged view of your business. This allows us to see what's around the corner and act proactively on your behalf, so that when your business grows we are there to support and guide.
Our accounting services include:
- Accounting systems review and design
- Year end tax and accounting updates
- Profit and loss forecasts
- Cashflow forecasts and management systems
- Superannuation (including self-managed super funds)
- ASIC and corporate compliance
- Bank reviews
- Structuring and restructuring of companies
- Compliance and statutory audits
We know you want to keep more of the wealth you create. Therefore, we will work with you, and within the parameters set by the ATO, to try and achieve this.
Our tax services include:
- Tax planning strategies
- Tax return preparation
- Year-end tax and accounting updates
- Corporate tax
- Fringe benefits tax compliance and advice
- Capital gains tax
- International tax
- Indirect taxes
- R & D tax incentives
With our deep understanding of the ever-changing tax environment our tax experts can help you build the most effective tax strategies.
R&D Taxation Incentive
What is the R&D Incentive and what does it do for businesses?
The Research & Development (R&D) Taxation Incentive is designed to increase businesses' investment in innovation and encourage Australian industry to undertake research and development activities. It helps reduce company tax substantially and, in certain circumstances, can provide a sizable tax refund.
At Brentnalls SA, we consider the R&D Tax Incentive to be a specialised but valuable and generous incentive for our clients to consider. We can help you identify and access the R&D tax incentive (as well as other incentives), provide support and assist with implementation.
How much of a tax reduction is offered?
If your company has incurred R&D expenditure of at least $20,000 in the financial year, you may be eligible.
From 1 July 2016, the R&D tax offset businesses with an aggregated turnover of less than $20 million has been reduced to 43.5% (previously 45%).
For company's with turnover of more than $20 million, the tax offset has been reduced to 38.5% and is non-refundable (previously 40%).
As well as claiming direct expenses incurred in a project, R&D expenditure claims commonly include staff wages and on-costs involved in the R&D Project, and other office expenses.
Consider the Eligibility Criteria
R&D is principally about generating new knowledge through experimentation and using this knowledge to develop new or improved products, systems or processes.
When considering eligibility for R&D the following criteria needs to be considered -
- Does the project involve developing a new product, an improved product, a new process or improved process?
- Are your activities generating new knowledge?
- Do your activities involve testing an idea or theory by carrying out tests or experiments and evaluating the results?
If the answer is yes to these questions it may be worth discussing your eligibility further.
As well as claiming direct expenses incurred in a project, R&D expenditure claims commonly include staff wages and on-costs involved in the R&D project, and other office expenses.
The R&D Tax Incentive is claimed in the Company Income Tax Return, but also requires annual registration with Ausindustry within 10 months of the financial year (i.e by 30 April for most businesses').
Why Brentnalls SA?
Brentnalls SA provides R&D Tax Incentive services to a range of industry sectors including mining, manufacturing, technology, engineering, consumer products, telecommunications and construction. We are experienced in assessing, compiling and defending R&D claims. Our breadth of knowledge in this area means we provide clear and concise advice with successful outcomes.
There are also other Government grants and concessional loan schemes available to innovative businesses and exporters. Please contact a Brentnalls SA team member for more information on these opportunities.
The information provided in this brochure does not constitute advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you contact Brentnalls SA before making any decision to discuss your particular requirements or circumstances.