Despite the generous incentives offered by the Government, many companies are hesitant to claim the R&D Tax Incentive because they are unsure whether they are meeting the documentation requirements. Recent case law has shown that record-keeping must be contemporaneous, regular and thorough, if it is to meet the standards set out by AusIndustry.
TaxTrax has been created on the basis of scientific theory as well as legislative and case law to ensure businesses can meet the strict substantiation requirements without the administrative burden. It has been successfully applied to more than 500 projects over 3 years. Our extensive knowledge of AusIndustry requirements will help you prepare a robust claim ready to withstand any audit.
TaxTrax is the first software to systemise and simplify the R&D tax process. Three surveys are issued at regular intervals each year from which information necessary for the claim will be extracted, time-stamped and securely stored in a centralised management system. This information will verify the scientific process, forming the basis of the claim and substantiating it.
Businesses no longer need to face the burden of educating staff about R&D tax claims and tediously monitoring their adherence to legislative requirements. TaxTrax enables businesses to spend more time creating and innovating and less time worrying about administration. The whole TaxTrax process is guided and reviewed by Australia’s largest R&D tax advisory firm, Swanson Reed. With TaxTrax, you have trained professionals on hand to help you at every step.
Swanson Reed’s TaxTrax is innovative and unique; there is no other R&D software that relies on scientific research and up-to-date R&D case law at its foundation. For more information, head to the TaxTrax website.