We are very excited to begin Innercode. We believed that it was finally time that the software & tech industry had their own specialist consultants who are able to obtain the most for them from federal tax and grant programs. We won’t try to be all things to all people. We are dedicated to software and technology companies only, and from that dedication we can do the very best for them. To do this we are bringing together a team of experienced consultants who have a track record of delivering for software companies over the many years of their experience.
We will be dedicating ourselves to providing the key Federal Industry Assistance programs. The R&D Tax Incentive is one of the key programs that a software company should claim. It is an entitlement, which is a key difference to many other grants, offering to reimburse companies up to 45% of their development costs either as a tax refund or a tax saving. The best part is that if you qualify for the R&D Tax Incentive, then you will receive the benefit. It is not competitive like many grant programs where you must compete with other companies for the same source of funding. It means that with our knowledge and expertise we can obtain very high success rates in applications.
The R&D Tax Incentive is also multi industry. Unfortunately, most Australian Government assistance programs are targeted towards the older industries of Australia. The government, in many ways, is more interested in supporting what it already has rather than building up the new industries. Fortunately the R&D Tax Incentive is multi industry, allowing new industries a chance to obtain assistance. With its billion dollar plus budget each year the R&D Tax Incentive is the best government assistance for the Software & Tech Industries.
Each year hundreds of software companies claim the R&D Tax Incentive, however we believe that for each company that claims, there is at least one out there who has not heard of the R&D Tax Incentive, doesn’t believe that they would be eligible or they believe it would be too difficult to claim. We wish to address all three of these problems.
The first key part of what we aim to do is to get the word out, that there is the R&D Tax Incentive waiting to be claimed for software and tech companies. From a bootstrapping startup to the largest software company in the land any software and tech company could be eligible. The second key part is that we want to provide free advice, to assist companies with determining if we believe that they would be eligible for the scheme. The third key part is that we have solutions for all software companies; our aim is to make claiming it as easy as possible, while obtaining the maximum benefit that you are entitled to. We want to maximise your gain with the minimum of fuss.
We have key solutions and techniques that we have built up over years of obtaining the R&D Tax Incentive for software companies. We are able to quickly disseminate your project and write up the key information required for the application forms, from our experience we can maximise the amount of expenditure that you are entitled to and we can assist with putting in the right record keeping practices that are required for this program.
Another key service that we provide is Tax & Accounting. It is important when claiming R&D to have an experienced Accountant who is able to work with us to maximise your claim. The R&D Tax Incentive is a tax program and works closely with your accounting and tax accounts. Ultimately the benefit is delivered through the tax return as either a tax refund or a tax saving. It is therefore very important that we work closely with your Accountant to deliver the best outcome.
Ultimately we are excited to be able to start our new consultancy, with the aim to provide the very best of services to the software and tech community.
In future blog posts we will talk more about the R&D Tax Incentive and how it is able to help software companies of all sizes.