R&D records
Project descriptions, activity records, experiment/test evidence, staff time, contractor support and expenditure schedules.
R&D document checklist
Prepare the R&D evidence and the credit evidence together.
An early R&D funding assessment needs to understand both the expected R&D position and the company’s wider financial capacity. This checklist helps management prepare both sides of the file.
What matters
Start with the commercial reality.
Funding should address a defined business need and sit within a credible plan for the company after the facility is advanced.
Tax/adviser work
Expected claim calculations, prior-year R&DTI history where relevant, registration timing and information prepared with the company’s advisers.
Business financials
Current accounts, cash flow, tax liabilities, bank statements, existing debt and the company’s repayment strategy.
Company and program information
ABN/ACN and company details; income year; prior R&DTI history if relevant; expected registration date; anticipated company tax-return timing; and the advisers responsible for the R&D and tax work.
R&D activity evidence
Project plans, hypotheses or technical uncertainties where applicable, experimental records, test results, development logs, design records, meeting notes, source-control/project records and evidence created during the activities.
Expenditure support
Payroll and employee allocations, contractor invoices, consumables, eligible project costs and the reconciliation used by the company and its advisers to arrive at the expected R&D expenditure position.
Credit information
Recent P&L and balance sheet, bank statements, aged receivables/payables, existing facilities, ATO liabilities, cash-flow forecast and the proposed use of the early funding.
Official sources & further reading
General information only. This page does not constitute legal, tax, financial or credit advice. SME Capital Partners is in pre-launch and is not currently offering or approving credit through this website.