AGRICULTURE & FISHERIES
Farms and fishers across Australia are constantly developing new stock and techniques but this does not qualify for the RDTI. We can show you how to do a little research that will allow you to access the RDTI and get access to tax offsets for your development.
The ATO and the Department of Industry, Science, Energy and Resources have observed issues with R&D tax incentives claims made by companies in agricultural industries such as:
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No R&D activities are being conducted.
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The activities form part (or all) the entity's ordinary business activities.
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The activities involve the application of established products and existing methodologies that a competent professional could have worked out the outcome without conducting an experiment.
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The activities address a commercial rather than a technical risk.
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The scale of R&D activities is disproportionate with the scale of any data collection, observation and evaluation.
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The method employed to apportion overhead expenses allocates an unreasonably large amount to R&D.
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It is uncertain whether the activities are being conducted by the company on its own behalf or for the entity carrying on the agricultural business.
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It is uncertain whether amounts billed to related parties are paid.
So, if you are in the agricultural sector or fishing industries and you would like to make a claim for your Research and Development, talk to R&D Certainty first. We will help you arrange your activities to conform with the legislation and make a successful claim for the R&D Tax Incentive.
Your R&D Certainty industry consultant is Paul