Set price fees for R&D Tax Incentive claims and advance findings

Three tax-specialist accounting firms are offering AusBiotech members free consultations and set prices for R&D Tax Incentive claims and advance findings to provide certainty for biotechnology and medtech companies.

The offers from BDO, Grant Thornton and MPR Group are in response to a recent submission to AusIndustry, where AusBiotech conveyed member feedback suggesting the Government “consider brokering a set price assessment by a list of tax specialist consultants”, as AusBiotech is aware that many small companies have not sought advice due to unknown costs, which are assumed to high.

The subsequent release of the 2012 Biotechnology Industry Position Survey showed that 53% of respondents had not yet sought professional advice on the impact or opportunity presented by the new R&D Tax Incentive.

AusBiotech-member accounting firms, who specialise in tax, would like to offer set price arrangements:

• Initial assessment of eligibility and claim estimate;
• 
  
• Preparation of a claim; and/or
• 
  
• Application for advanced finding

See the AusBiotech website for contact and further details: www.ausbiotech.org.

	Initial assessment of eligibility and claim estimate	Preparation of a claim	Advanced or Overseas Finding application
BDO	Free	$5,000 per project	Time and materials capped at $10,000 per application
Grant Thornton	Free	Group turnover: $10m or less: $8,500; $10m-$20m: $12,000; $20m-$50m: $17,500; Over$50m: $35,000	$9,500 per application
MPR Group	Free (up to 2 hours)	$10,000 for first project and $5,000 for each additional project (in one year)	$5,000 per application