What do recent budget proposals mean for the status of the R&D Tax Incentive in…
How to Maximise R&D Tax Compliance With Synnch
The Australian Government R&D Tax Incentive allows businesses to claim a tax offset for eligible research and development expenses — but involves complex substantiation requirements. Synnch is a tool which can help your business remain compliant and maximise your R&D Tax Incentive claim.
As an innovative business your aim is to maximise your R&D tax claims while also minimising the compliance load.
The Research and Development Tax Incentive, designed to promote growth within the Australian technology sector, is a relatively complex tax incentive that can often be confusing to business owners and has recently been subject to a series of policy reviews.
Changes to the way the R&D Tax Incentive claims process works has made documentation and reporting critical. When claiming the R&D tax incentive, eligible businesses must ensure that they capture real-time documentation and fulfill a wide variety of obligations in order to remain compliant.
The R&D Tax Incentive claims process is complicated — there are, fortunately, a number of tools that can be used to streamline your documentation around R&D and ensure your business is meeting reporting and claims criteria.
Synnch is one such tool. Purpose-built to make the R&D Tax Incentive claims process as simple as possible, Synnch automates a variety of claims-related tasks in order to help Australian businesses ensure that they are eligible and compliant.
What is Synnch?
Synnch is a comprehensive R&D Tax Incentive toolkit designed to optimise every element of the claims process from eligibility, to compliance and claim submission. By providing Australian businesses with the ability to generate compliant records, activities, and expenditure logs, Synnch claims it is possible to increase R&D tax incentive claims by up to 25 percent on average.
Synnch isn’t just a simple reporting and claims generation tool — in addition to providing expenditure tracking, activity logs, time stamping, and documentation tools, Synnch pairs each business with a dedicated R&D compliance advisor that provides individualised recommendations.
How Synnch Works
Synnch is a cloud-based platform that operates over six simple steps to ensure Australian businesses are able to maximise R&D tax claims.
The Synnch process begins with a free assessment delivered by a dedicated R&D Tax Incentive Consultant, assisting businesses in determining whether they are eligible for the incentive itself. Once a business is qualified as eligible, a second setup step provides the business with assistance in identifying R&D projects and activities. These activities are uploaded to Synnch. Team members are then onboarded and trained in the use of the Synnch platform.
After establishing the Synnch workflow, businesses are able to easily track, log, and review all R&D related activities in a centralized system to ensure they remain compliant. The Synnch system provides users with weekly updates and reminders to ensure they remain on-track.
Synnch makes reporting simple — users are able to report and track R&D related expenditure alongside budget data and detailed reports in order to streamline the information collection process. When a business is ready to lodge a R&D Tax Incentive Claim, the R&D consultant can export reports and supporting documentation and prepare to lodge a claim on their behalf. Lastly, the R&D consultant lodges a claim on behalf of the business.
The R&D Tax Incentive places significant reporting demands on claimant businesses. If you’re not sure whether your business qualifies for the R&D Tax Incentive or want more information on whether Synnch is right for your business, reach out to a Fullstack R&D Consultant for guidance today.
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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech companies, agencies and entrepreneurs.