The “ 10 Steps To Get Ready For A Research And Development Project” assist accountants to have a professional discussion with clients who are keen to undertake research activities with a hope that they will be eligible for the Research and Development Incentive Rebate – this material will assist you to guide your clients:
Appoint the team for the Research and Development Project from the client’s internal staff.
Appoint contractors, professionals, experts (if required) for the research activities.
The client needs to gain an understanding of the eligible expenditure and how it needs to be classified to claim the Research and Development Incentive Rebate.
Allocate a Research and Development Project Code.
Determine appropriate “task codes”.
Determine how the time recording system will be implemented for the project.
Introduce the Research and Development Work Diary.
Determine the labour on costs that are applicable within the client’s business.
The client’s administration team require a briefing on the accounting system for the recording of Research and Development Activities.
The preparation of consolidated Research and Development Expenditure Summaries for each research and development project code on a monthly basis.
Over 13,000 companies are participating in the Research and Development Program. Many of these companies are from small business operators and medium-sized companies.
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