January 14, 2013
Thomson Reuters Launches ONESOURCE R&D Tax Incentive to Help Australian Companies Access R&D Funding
SYDNEY —Thomson Reuters, the world’s leading provider of intelligent information for businesses and professionals, has today launched the only research and development (R&D) Tax Incentive software in Australia, ONESOURCE R&D Tax Incentive.
Following six months of commercial testing with South Australian software developer, Incite Systems, ONESOURCE R&D Tax Incentive is being launched to support companies applying for the Australian Government’s R&D Tax Incentive in light of more stringent record keeping requirements. Eligible companies are able to gain up to 45% government funding on R&D investment. Despite this, many lack the systems necessary to effectively manage projects and complete applications.
ONESOURCE R&D Tax Incentive mitigates the risk involved in applying for the recently amended incentive which can discourage companies from taking advantage of the generous benefits. Key benefits include helping companies manage the process of identifying eligibility, gathering documentation, and maintaining compliance by managing R&D projects and R&D tax simultaneously.
Paul Brindle, managing director for the Tax & Accounting business of Thomson Reuters, Australia and New Zealand foresees a strong increase in applications in 2013 due to the increased funding, however notes that tax advisors may become overburdened with demand and the increased complexities of the applications.
“In light of the increased complexity involved when taking advantage of generous government concessions, this software provides accounting firms and companies investing in R&D with the tools to complete their applications and manage their R&D projects effectively and efficiently,” said Brindle.
The recent Administrative Appeals Tribunal NaughtsnCrosses decision has created concern in the market around the more rigorous record keeping requirements. However, Brindle believes that companies can drive innovation and more effectively compete on the world stage if knowledge management systems are implemented to easily manage R&D projects and benefit from critical government funding.
“The amended R&D Tax Incentive is about moving away from a focus on tax and placing more emphasis on rewarding management of R&D projects,” continued Brindle. “Research and development is critical to the future of Australian companies and our economy, encouraging innovation and attracting foreign investment to our shores.”
The product will join an integrated suite of products as part of the global ONESOURCE platform, allowing Australian companies to manage their R&D projects in one place. The collaborative, customisable R&D project and knowledge management system can perform a range of R&D management functions, including:
- Project and activity planning
- Time, cost and knowledge transaction recording
- Team communication and meeting management
- Document management
- Automated R&D tax registration
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