WEB DEVELOPMENT COMPANY
L and L are partners in a web development house in inner Sydney. They were a young start-up that was regularly short of cash as they were funding numerous projects. They specialised in developing website with e-commerce for the retail industry. Much of their development focused on working with major retailers with large numbers of SKUs and multiple product offerings. Their experience and insights of the retail industry gave them an advantage in developing digital solutions that met retailers’ needs for a digital storefront.
As well, they have developed and invested in a start-up that offered a solution for artists to license their music for commercial use via a digital content web site.
On meeting Ray, they were unaware and sceptical that their developments would be eligible for the R&D Tax Incentive. By carefully explaining the potential tax refunds available and reviewing and advising their activities that would be eligible as a R&D Tax Incentive claim, L&L decided to go ahead and make submission for the R&D Tax incentive.
The refund received from the ATO provided the cash needed to further develop the music licensing system and increased their staff to develop new features within their web development business.
Today, the company views the R&D Tax Incentive as an integral part of their business strategy that provides additional cash to fund their projects and working capital.
Are you a start-up looking for cash? The R&D incentive might help you too. Contact Ray to have a chat about whether you could claim.
