wow, ok. So therefore, the onlu viable option is via a loan...

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WelshBuffett

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21/08/24

12:14

Post #: 75302803
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Originally posted by il duce: ↑

The submission takes weeks to months to prepare depending upon the quality of record keeping maintained by a company and a month or more for Innovation Australia to assess.

Companies have to produce a comprehensive R&D plan outlining the hypothesis and activities that were to be conducted, the actual work done supported with daily time sheets and information about the new learning derived. They also have to produce detailed financial information in support of their R&D claim. This is usually done with the assistance of an R&D consultant.

Companies cannot attribute 100% of a persons time to R&D activity. Claims can't be made for periods of annual leave, public holidays or non R&D work such as admin, attending board meetings or conferences etc. Only times costs directly attributable to R&D can be claimed. In addition R&D can only be claimed for acual expenditure in a financial year. (ie its calcilated on a cash, not accruals basis).

Expenses incurred on overseas trials and CRO's based oversearch will probably not qualify as eligible expenditure for R&D rebate purposes.

Once Innovation Australia provides a certificate to the company and ATO confirming the eligible R&D expenditure for the year, the company can proceed with lodgement of their tax return.

The ATO will take a month or more to process the tax return but where a company is claiming a refund that is wholly sourced from R&D rebates it will be scruitinsed more closely and will take longer to process. The ATO may also ask more questions before approving the return. Once approved payment should be received in 2 to 4 weeks. Last year the ATO reviewed nearly every tax return involving R&D and I suspect they will this year too.

Expect the whole process to take 6 months ore more.

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wow, ok. So therefore, the onlu viable option is via a loan shark. Even that will take some time to get sorted. Will depend on them getting the necessary approval to show the loan shark that they are in face entitled to a rebate.

a crazy situation would be if they are still trading with no cash received by the time of the next quarterly. That will be an interesting report to read.

how is this thing still trading?

pumpers- what are you chaps saying? You still super boolish? Fingers, tez1, fisho, dog, Batman, catman, wordsmith....

BIT Price at posting: 2.6¢ Sentiment: Sell Disclosure: Not Held
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wow, ok. So therefore, the onlu viable option is via a loan...

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