Get your R&D applications in before Christmas!
With the holiday break just around the corner, we encourage companies have all their information and documentation ready to submit so they don’t get too overwhelmed when the New Year starts.
Avoid the mad rush. Start preparing for your R&D claim now.
It is a busy period of the year for everyone, but for Research and Development claims, it becomes even busier during the last few months leading up to the 30th of April deadline.
Unfortunately, this means that your claims may take much longer to process due to a huge backlog of demand for clients to get their R&D Applications through before the cut.
At The Grant Specialists, we encourage clients to get their applications done earlier for a smooth sailing experience in receiving their refund. Here are some tips to keep in mind
$20k accelerated deductions for small business extended another year
The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019.
Will your business be audited?
Every year they publish small business benchmarks that outline what a typical business ‘looks like’ in different industries. If your business falls outside of those benchmarks, the ATO is likely to take a closer look at why that is.
$10k limit on cash payments to business
One of the interesting approaches to tackling the black economy in the recent 2018-19 Federal Budget was the announcement of a $10,000 limit on cash payments to business.