The Income Tax Act specifies a number of records that have to be maintained to enable a company to substantiate the claim being made for Research and Development Incentive Rebate.
This paper outlines the financial recordkeeping that a company needs to maintain to fulfil the requirements of the legislation to be able to claim the Research and Development Incentive Rebate.
This paper gives an overview of Research and Development Financial Recording and has been written under the following headings:
- Need For Separate Financial Records
- Labour Costs
- Contractor’s Schedule
- Contractors’ Costs
- Competent Professionals Schedule
- Competent Professionals Costs
- Other Direct Costs’ Schedule
- Other Direct Costs
- Progressive Research And Development Project Code Costs
- Progressive Supporting Costs Summary
- General Overhead Expenses Allocation
- Payments To Associated Persons
- Board Of Directors Meeting Minutes In Relation to R&D Reports
- Professional Advice
