Peter became the GM and Tax Advisory of Insight Innovations Partners Pty Ltd trading as “Insight Business” which specializes in optimizing the Research & Development (R&D) claims for clients in July 2016. This compliments Peter’s strong background on providing advice to clients on tax, business and financial planning matters.
This is a very exciting sector to be in as there is never a boring moment when you constantly hear about new and great ideas and journeys taken by so many passionate innovators.
For those that are not aware of the R&D benefits or are confused about it, this is what Peter has to say…
“One of the most frustrating things I come across is the number of businesses that deprive themselves of a cash flow boost. In order to be eligible for the R&D tax incentive. You don’t have to re-invent the wheel. You don’t even have to invent anything!! As long as you have taken the risks in finding new knowledge that is currently not available in the world and where the outcome is unknown. That is, you have gone through the process of thinking about your idea, designing it, conducting an experiment to prove your idea is correct, and then evaluating the results to see if you have met the original objective and formed a conclusion based on your experiments, then that could be R&D.
It doesn’t always have to work either!
Let’s face it, if you are a manufacturer, what your customers want is not going to be the same every time. As long as it’s something new to the market, be it a process, product or service. Provided you have the right structure, generally a company, and you have spent more than $20k. The money spent on wages, materials and contractors as well as some overheads, may all be claimed as R&D where you could be getting a refund from the Australian Government”