The cost of not keeping accurate R&D Records.

Keeping accurate records of your research and development (R&D) activities is critical to claiming the R&D tax incentive, but it can be challenging. Failure to maintain proper records can result in missed opportunities, delays in receiving your tax offset or refund, and even severe financial ramifications.

Let’s have an honest conversation about the cost of not keeping accurate R&D records and why staying on top of your record-keeping is essential. We will also explore Synnch, a platform designed to simplify and streamline R&D recordkeeping.

1.????You might miss out on eligible expenditure

Without accurate records of your R&D spending, you might miss out on claiming eligible expenditure that could have saved you money.

2.????You might overstate or understate your claim

?Without proper records, you might overstate your R&D claim, leading to an audit or even having to repay the money. Alternatively, you might underestimate your R&D claim, missing out on valuable financial support.

3.????You might face delays in receiving your tax offset/refund.

Without accurate records, you may face delays and miss out on the benefits of lodging your R&D tax incentive claim as early as possible. Early lodgement means earlier processing and potential earlier receipt of your R&D claim funds, giving you more financial flexibility and an advantage over competitors who have not lodged their claim yet.

4.????You may fail a regulator audit, be forced to repay your refund or offset or worse, be fined.

Inadequate record-keeping could lead to a regulator audit, and if you fail to provide sufficient evidence to support your R&D claim, you could be forced to repay your refund or offset, or worse, face severe penalties and fines. The financial consequences of a failed audit could be catastrophic for your business, so don't take the risk.

Keeping accurate and contemporaneous records is essential for successfully claiming the R&D tax incentive but can be complex, hard to comply with and technically challenging.

This is why we created Synnch, designed to streamline and simplify your R&D recordkeeping.?

We would love to show you around and give you a tour!

Book a demo here.