What makes a good accountant for a start-up? A lot of them seem to be very focused on the corporate end of town.
This is a question I often get asked, usually framed during initial client meetings when clients are going through a filtering or interviewing process of their key advisors (usually accountants and lawyers).
Let’s move away from the vague term ‘good’, and let’s talk about effective, efficient and ethical.
Firstly, your ideal advisor needs to be an effective advisor. This usually means that they already operate in the start-up/technology/particular industry space, know the laws, consequences, pitfalls and issues.
I’ve heard a bit about the R&D tax credit – it seems like a decent scheme but how can I take advantage of it? How do I know if my innovation actually qualifies as R&D?
The federal government introduced the Research and Development (R&D) Tax Incentive regime in a bid to encourage industry investment in R&D and innovation.
The scheme is administered jointly by AusIndustry (on behalf of Innovation Australia) and the Tax Office. The R&D tax incentive provides a tax offset to eligible companies that engage in R&D activities.