Business Advisory Services Updates
Accountants, many companies will potentially need your assistance on this process.
For young companies which have not been active for very long there is an alternative test to the Gateway Test that we discussed in a post yesterday.
The company must be able to supply supporting documentation to answer the following questions:
- Is the company genuinely focused on developing, for commercialisation, one or more new significantly improved product, process, service, marketing or organisational method?
When these questions are answered a Due Diligence Report then needs to be submitted to the Australian Taxation Office to gain approval for the status “Early Stage Innovation Company” which can then be submitted to potential investors as part of the investment negotiation process.
Book a Demo: https://go.essbiztools.com.au/3-schedule
Watch out for the next episode of "Accountant's Minute" or subscribe to the podcast on iTunes for more news, ideas and tips on providing outstanding non-compliance services to SME clients.
Episode 012 - Early Stage Innovation Company Principles Test
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