R&D Schedule.

This is Part 4 of the step-by-step guide for companies seeking information on how to claim the R&D Tax Incentive. You can read the full guide about How to Apply R&D Tax Incentive here. In this article, you will learn about:

What is R&D Schedule
How to prepare the R&D Schedule
Costing documentation

R&D Schedule

In Step Four of the R&D Tax Incentive Application process, the Notice of Registration number is input into your R&D Schedule – an online form to report your business R&D activities to the ATO. The R&D Schedule includes all the costs associated with the R&D activities.

It is in Step Four where BridgePoint Group plays another critical role for the success of your R&D Tax Incentive application. In this step, we develop what we call the Costing – a similar type of work to the Project Description that we do between Steps One and Two.

Learn more about BridgePoint Group’s R&D Tax Incentive service.

Costing

The Costing is a special workbook that links all the costs associated to your R&D expenditure. Some of the costs can include:

Salaries & Wages (including on costs)
Contractor costs
Direct costs
Overheads
Depreciation
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In this process, we also calculate the relevant offset, which is the benefit your business will receive from all the eligible costs associated with your R&D expenses. The Costing Workbook effectively goes into the R&D Schedule with the ATO as a separate appendix.

You can expect a four-week window of work from the beginning of Step One (Qualification) to the conclusion of Step Four (submission of the R&D Schedule within the ATO). Usually, this is where most of the companies that provide R&D Tax Incentive services finish their work.

However, by deliberately deciding not to continue to work further, they leave their clients alone in what we consider one of the most important aspects of a successful R&DTI application – lodging the Tax Return.

If you still have questions, we answer some of the most common enquires about R&D Tax Incentive here.

Lear more about the Step 5 Tax Return Lodgment here.

If you would like to engage an R&D Tax Incentive specialist to determine whether or not your company qualifies for the R&DTI then please reach out to Alan Baghdasarayan, Government Grants & Incentives Director at BridgePoint Group who will provide a free 30-minute consultation.