Research and Development

In the most recent ESS BIZTOOLS’ Business Advisory Services Webinar/Conversation, Matthew Karakoulakis, Principal Legal Officer of AMK Law discussed with Peter Towers, Managing Director, ESS BIZTOOLS a range of legal issues that affect inventors and small companies as they undertake research activities. Matthew Karakoulakis indicated that, to protect the investment that has been made in a...

Tags: Boost Legal Template | Confidentiality Agreement | Nondisclosure Agreement | Research and Development | Research and Development Incentive Rebate | Trade Secret Agreements
Mark Holton, an Accountancy Industry Consultant and Director of Smithink Pty Ltd, discussed with Peter Towers, Managing Director, ESS BIZTOOLS the opportunities that accountants have to differentiate their firms by proactively advising clients on research and development opportunities and the taxation benefits that they can obtain from the proper implementation of a research and development...

Tags: Accelerating Commercialisation | Early Stage Innovation Company | Research & Development Incentive Rebate
Are companies giving sufficient priority to determining return on investment as part of the decision as to whether to proceed with a research and development project?  This will be the theme for the conversation between Peter Towers, Managing Director, ESS BIZTOOLS and Peter Milla, Managing Director, Business Tree Pty Ltd, an experienced innovation consultant, in the ESS BIZTOOLS’...

Tags: Assignment of Intellectual Property Agreements | Australian Government's 50% Guaranteed Loan | Brad Smart's Tip of the Week | Business Tree Pty Ltd | Confidentiality Agreements | Government's Post JobKeeper Announcements | JobKeeper Support Program | Research & Development | Selling the Message
“Some of the red-tape binding together the Federal government’s Research and Development Tax Incentive (RDTI) scheme is enough to make your head spin. As a concept, these tax incentives are great; no one’s disputing that. However, while the RDTI can make the costs of creating local innovations a lot less painful, the maze involved in even getting to the starting gate of a claim, is...

Tags: RDTI | Research & Development Incentive Rebate
In the ESS BIZTOOLS’ Business Advisory Services Webinar/Conversation on Wednesday 10th March 2021, Peter Towers, Managing Director, ESS BIZTOOLS will discuss with Priscilla Bea Smith, Director, Cloud Nine Associates some of the important issues on which small business and medium-sized enterprise owners and CEOs are seeking advice: Preparation of Budgets and Cashflow Forecasts for the next...

Tags: Australian Government 50% Guaranteed Loans | Budgets | Capital Raising under Section 708 of Corporations Act | Cashflow Forecasts | Crowd Sourced Funding Equity Raising | Early Stage Innovation Company Capital Raising | Key Drivers | PlanGuru | Predictive Accounting | Projected Balance Sheets | Research & Development
Many businesses are facing an uncertain economic future and will be looking to their accountants/business advisors/bookkeepers to give them advice as to what the future holds for them.  The key to this advice is for accountants to have the confidence and ability to offer “Predictive Accounting Services” so that their clients have an awareness of the financial implications of the...

Tags: Key Performance Indicators | PlanGuru | Predictive Accounting | Research and Development | Selling the Message | SME Needs' Analysis | Succession Planning
There is a range of services beyond taxation, that smaller accountancy firms can provide to their SME clients, to assist those businesses to grow and add value. Amanda Gascoigne, an experienced Consultant to smaller accountancy firms, together with Peter Towers, Managing Director, ESS BIZTOOLS are the presenters of the ESS BIZTOOLS’ Business Advisory Services Update Webinar/Conversation on...

Tags: Accelerating Commercialisation Grant | Gateway Test | Principles' Test | Research & Development Incentive Rebate | Selling the Message
In the past, many accountants were not called upon to be able to display outstanding communication skills, but in the era that we are now in accountants, who wish to broaden their work activities to include Business Advisory Services, need to have cultivated strong written communication skills; have the ability to be able to think critically and translate accounting data and reports into...

Tags: Business Advisory Services Training | COVID-19 | Fair Work Australia | Research & Development | Workplace Health & Safety
Welcome to Accountants Minute. The ESIC (Early-Stage Innovation Company) journey creates a range of new interesting work and “income streams” which will assist proactive accountants to “future proof” their accountancy businesses. The ESIC journey will normally commence with: research and development relative to the development of a new product, process, service, organisational or...

Tags: Business Plan | Government Grants | IP Protection
The Early-Stage Innovation Company legislation has been available since July 2016 but unfortunately there has been little publicity about the significant benefits this legislation offers small/medium enterprises and investors. An accountant rang me last week and asked me whether a “two-year old company that had undertaken a significant amount of research and development to develop a new...

Tags: Section 708
What would you learn from 8 hours with a group of company directors?  I had that privilege a couple of weeks ago in a programme sponsored by the Entrepreneurs Programme, part of AusIndustry.  The brief was to meet for 8 hours with a group of company directors and discuss with them the issues that they were confronting in their businesses and also to give them some briefing on corporate...

Tags: Benchmarking | Business Plan | Key Performance Indicators | Mentoring
Accountants, you are needed in the ESIC process.  The Early Stage Innovation Company amendments to the Income Tax Act have instigated the first lot of publicity about a company which was actually going through the verification process. The company, a Perth company called Epic Delivery, had difficulty in satisfying the Australian Taxation Office that it qualified under the Principles Based...

Tags: Budgets and Cashflow Forecasts | Business Plan | Gateway Test | Information Memorandum | Principles Based Test
Accountants, do you really know your clients?  At the ATSA Conference in Melbourne a couple of weeks ago, a number of the presenters referred to the concept of "trusted adviser".  Are you the "trusted adviser" to your clients?  It's an interesting question and I intend to explore that further next week. For today, lets concentrate on do you really know your clients?  Surely part of the...

Tags: Accelerating Commercialisation | Export Market Development Grant | Personal Property Securities Register | Trusted Advisor
It's a great time to conduct a review of your business. Here's a few questions you should be asking: Are you supplying services that your clients want? What do you think your firm is going to look like in five years' time? What are your firm's points of difference? Who are your clients? What industries are they from? Do you know what the top five industries are for your clients? What are...
This edition is part of the series on "Adding Value To Your Clients’ Businesses". Let’s look at some of the challenges that are facing you as professional accountants and advisors in 2016/17...... Regulators First of all, let's look at the regulators. The ATO is making a number of changes, including Standard Business Reporting (SBR).  These changes are expected to have a...
I want to share a story with you… A business comes to have a discussion with you on Research and Development.  You give them some advice and suggest that they form a company. A year later, they come back to see you and have their income tax prepared.  They’re very excited and they share with you some of the information pertaining to their R&D activities.  They’ve seen a patent...