RESEARCH AND DEVELOPMENT UPDATE FROM ESS BIZTOOLS

30 April 2021 is the due date for lodgement of Research and Development Registration to AusIndustry in respect of Research and Development Activities undertaken in 2019/2020.

• “12 steps to planning a Research And Development Project” – you can listen to the webinar which was presented last week by clicking here

• Want to know more about Research and Development so that you can assist your clients who are undertaking research activities?

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:

Step 1

Appoint the team for the Research and Development Project from the client’s internal staff.

Step 2

Appoint contractors, professionals, experts (if required) for the research activities.

Step 3

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.

Step 4

Allocate a Research and Development Project Code.

Step 5

Determine appropriate “task codes”.

Step 6

Determine how the time recording system will be implemented for the project.

Step 7

Introduce the Research and Development Work Diary.

Step 8

Determine the labour on costs that are applicable within the client’s business.

Step 9

The client’s administration team require a briefing on the accounting system for the recording of Research and Development Activities.

Step 10

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.

Why not register now for the free ESS BIZTOOLS’ webinar on Monday, 12 April 2021 at 12 noon AEST.  Please click here to register.

If you have any questions that you would like to discuss with us please contact us:

• [email protected]
• Telephone: 1800 232 088

• About
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Peter Towers

Managing Director at ESS BIZTOOLS

Managing Director of Enterprise Support Systems Pty Ltd and creator of ESS BIZTOOLS and ESS BIZGRANTS, Peter Towers, has had a career that includes twenty-three years as a Principal of a Public Practice in Townsville and ten years in Commerce, six years of which was as Chief Financial Officer/Company Secretary of a Listed Public Company on the Australian Stock Exchange.

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