Step 1 – a great “idea!”
Step 2 – preliminary investigations into the “great idea”.
Step 3 – check eligibility – to claim Research and Development Incentive Rebate must be a “company”.
Step 4 – conduct “prior art/literature searches”.
Step 5 – identify “core” activities for the project.
Step 6 – identify “new knowledge” to be determined.
Step 7 – identify “hypothesis” for the core activities – hypotheses is proving or disproving a statement by conducting experiments and documenting the results of those experiments.
Step 8 – approach “experts” for their opinion as to whether this research project potentially will identify “new knowledge”.
Step 9 – if you think it is necessary that some of the research activity is conducted overseas, you need to document details of the work that you would like to be conducted overseas and identify the reasons that work cannot be conducted in Australia and lodge an “Overseas Finding” with the Australian Taxation Office before the end of the financial year, but preferably before expending any money on overseas’ research.
Step 10 – prepare research and development plan, budget and projected “return on investment” documentation.
Step 11 – submit documentation to Board of Directors’ meeting for approval.
Step 12 – when Board of Directors approval is received you can then move into the next phase – “Planning the Research and Development Work Project”.
Need to know more? – Why not participate in a free “live webinar” (you can ask questions!) on Tuesday 30th March 2021 at 11.00am AEST (12-noon AEDT). To register, please click here.
For further information, please contact Peter Towers at ESS BIZTOOLS – 0418 190 181 or email peter@essbiztools.com.au
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