Like Governments around the world, the Australian Government is working tirelessly to develop strategies that lessen the likelihood of an Economic Tsunami as a result of the global spread of the Coronavirus. Solving the macro economic problems of Australia is a challenge of monumental proportion, and let’s hope for all our sakes that they are successful.
The immediate problem
The immediate problems that businesses like mine and yours face are the issues that we need to address, and we need to address them NOW.
Whether we stay open, allow our teams to work from home are challenging problems, but the number one question on every businessperson’s mind should be:
Where is the next $ coming from?
We are here to help
In a series of articles over the next few days we will share what we, at Elderton, see as opportunities to maximise immediate cashflow which, as we all know, is the lifeblood of all business.
R & D Claims
This update is specifically focused on how you can maximise and bring forward the receipt of cash from your existing and future R & D claims.
Many of you are feverishly completing your 2019 claims and we understand yesterday the ATO extended the deadline from 30 April to 30 September 2020. However, please do not delay in submitting your claim.. The million $ question is, when will you get your hands on the cash, next week, next month or in 3 months’ time?
Will the Cavalry arrive in time to pay wages, keep creditors at bay or pay for that next round of drilling?
The simple answer is nobody really knows and with the increased workload of Government Departments, especially the ATO, delays will invariably occur. Think about it, the ATO is sitting on a cheque payable to you for potentially hundreds of thousands of dollars and you just cannot get your hands on it.
There is a solution!
Lesson number 1
Elderton have access to several lenders who will fund up to 80% of a legitimate and verified R & D claim. These lenders fund the gap between you submitting the claim and receiving the cash. Bringing forward receipt of your claim could be the difference between survival or failure in these unprecedented times of economic uncertainty.
Lesson number 2
Don’t make the same mistake again! You are entitled to make your claim for 2020 on the 1st July 2020, why wait until 30 April 2021? The information is available, it’s money you’ve actually spent, get your claim in ASAP and then fund as described above.
Lesson number 3
Did you know R & D claims can be submitted quarterly? Spend cash in July 2020 and the cash can be in your bank by October 2020.
Do not procrastinate, act today!
At Elderton we have a team of R & D experts who can assist you with a claim and arrange funding almost immediately.
If you require any further information or assistance, please contact us today.