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PwC has launched a cloud-based portal they say will assist small companies increase their cash flow.
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PwC launches online portal for SMEs
24 October 2014
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The online portal, called Nifty R&D, helps small business access the government research and development tax concessions that are vital for raising capital in a competitive market, according to the firm.
PwC Partner Charmaine Chalmers said the solution has been designed to help small businesses and start-ups claim incentives that will help them drive innovation in their business.
“Small businesses don’t have the resources or knowledge large corporates do to ensure they claim the incentives they deserve,” she said.
According to Ms Chalmers, PwC research indicates there are three times the number of small businesses in Australia who are eligible than those that actually claim the R&D tax incentive.
“While the federal government has a generous R&D tax incentive scheme – small companies can access refunds of up to 45 cents for every dollar of qualifying spend – it can be difficult for small businesses to understand whether they are eligible and navigate their way through the claim process.
“There is also concern amongst businesses about the risk of getting it wrong.
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“Nifty R&D is easy to use and claims are reviewed by PwC’s R&D specialists, which allows small companies to access this important source of funding quickly and with peace of mind, and get back to their project.”
Gordon Edwards, managing director of KFSU, producers of Kfibre – one company that has already tried out the portal –said managing cash flow is one of the biggest challenges he has faced since he started the company in 2010.
Mr Edwards said the R&D tax program has been a really important source of funding for his business.
“The R&D tax program allowed us to progress to the stage where we have proven up the technology and are building a world-first production facility to meet overseas orders for our product,” he said.
“Small business’ need access to funding and my experience as a start-up has been that government assistance through programs like the R&D tax incentive are critical but difficult for small business owners to navigate without professional advice.
“How do you ensure you are getting what you are entitled to, to enable you to move your project forward, but balance this with concern about getting it wrong?”
Mr Edwards said he now has 10 employees and is scaling up production with plans to take his product to the world. KFSU has projected revenue of $33 million by 2017.
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