SMEs Spending Billions on R&D

Good day!

Welcome to this update on ESS BIZTOOLS ADVISORY SERVICES NEWS.

SMEs Spending Billions on R&D

The Government estimates that Research and Development (R&D) expenditure by SMEs will be approximately $5.83 billion in 2022/23!

The cost to the Government is the Research and Development Tax Offset, which is 43% of the R&D expenditure for companies with turnovers under $20 million in the financial year.

This high level of investment highlights the significant R&D activities being conducted in Australia by Small and Medium Enterprises.

Would you like to know more and understand how your firm could deliver advisory services to SMEs undertaking R&D activities, leading to a wide range of subsequent activities?

We invite you to a complimentary webinar on Friday, 5 July 2024 at 11.00am AEST to discuss the delivery of R&D advice to SME clients to assist them in claiming the R&D Tax Offset. To register, please Click Here.

You do not have to be an engineer or a scientist to advise clients on the R&D system requirements to claim the tax offset. The main role for an accountant is to act more as an “Internal Auditor” to ensure that the required forms, which we have included within the R&D Product Package, are completed.

The actual completion of the documentation relating to the experiments and the results of those experiments is your client’s responsibility. We will comment on all of this in the webinar presentation.

This work can lead to a range of interesting activities as part of the “Innovation Journey” that many SMEs wish to undertake, including:

• Business Plan Preparation
• Predictive Accounting Reports – Budgets, Key Drivers, Cash Flow Forecast, Projected Balance Sheet
• Capital Raising Advice
• Virtual Chief Financial Officer appointment
• Board of Advice – guidance on operation, possible membership
• Board of Directors – monthly financial report, reporting in a virtual CFO role

Undertaking this type of work will give your firm “Interesting and Challenging Work,” which will assist in the attraction and retention of talent within your firm.

R&D is the commencement of the “Innovation Journey”.

Why not start the new financial year on a very positive note? Invest 45 minutes of your time in finding out more about the “First Segment of the Innovation Journey” – R&D.

You can find more details on ESS BIZTOOLS by visiting www.essbiztools.com.au