Accelerating R&D refunds for an innovative company

Our client, an innovative biotechnology company, encountered a pressing challenge as in the hands of their former advisor, their R&D Tax Incentive Application Form took over six months to be lodged with AusIndustry.

This prolonged delay in processing their R&D refund, amounting to approximately $2M, had a significant impact on their cash flow and their ability to commit to further R&D spending in the current period. Recognising the importance of a much faster return of cash, BridgePoint Group Grants & Incentive Advisory devised a plan to expedite the R&D refund process.

To ensure a faster refund turnaround, we commenced the FY R&D Tax Incentive work in June, enabling us to ‘hit the ground running’ and lodge the R&D Tax Incentive Application Form within the first two weeks of July.

We coordinated with BridgePoint Group Accounting to ensure the prompt preparation and lodgement of the company’s tax return. By taking this decisive action, we successfully reduced the processing time by six months compared to previous years.

The results of our strategic approach were remarkable. Our client experienced the benefits firsthand, with the funds being deposited into their bank account six months earlier than anticipated.

This accelerated refund timeline not only provided our client with improved cash flow but enabled them to allocate resources more effectively and commit those funds to vital follow-on R&D initiatives.

If you would like to engage an R&D Tax Incentive specialist to determine whether or not your company qualifies for the R&D Tax Incentive then please reach out to Alan Baghdasarayan, Government Grants & Incentives Director who will provide a free 30-minute consultation.

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Alan Baghdasarayan

GOVERNMENT GRANTS & INCENTIVES DIRECTOR

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