RSM Australia

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Biography

Richard is a principal of the Tax Services division in Melbourne, providing specialist R&D tax incentive compliance and innovation consulting services.

Richard commenced his R&D tax work in 2009 and has provided advice across Australia to a diverse range of industries including pharmaceuticals, renewable energy, manufacturing, and space & aerospace. Richard has provided advice to start-up innovators to large multinational corporations.

Prior to joining RSM in 2016, Richard worked in management roles in the IT industry, co-founded a venture capital-backed start-up software company, worked at a big 4 accounting firm in the R&D tax incentives.

"I enjoy assisting clients to bring their innovations to life and make them a commercial success"

Richard is a master dishwasher stacker,  long-suffering Collingwood supporter, avid road cyclist, and rower.

Solutions richard provides

Richard works in R&D tax incentive advisory services for RSM. He has extensive experience in every aspect of the R&D claim process, including:

  • R&D tax incentive adviserpreparation of material and presenting to clients regarding the R&D eligibility criteria, both technical and financial
  • running educational workshops and interviews to identify potential R&D projects and gather appropriate information to assess, prepare and substantiate R&D tax claims
  • review of prior years’ claims to ensure accuracy and legitimacy of the R&D benefit claimed
  • preparing and lodging appropriate R&D registration documentation
  • allocation of R&D costs and calculation of the R&D expenditure
  • preparation of R&D review advice on behalf of clients for R&D tax incentive financiers
  • advising and implementing robust R&D management practices
  • assistance with and attendance at AusIndustry/ATO reviews and audits
  • Export Market Development Grant

Significant Projects

Major projects Richard has been responsible for include:

  • R&D Tax Incentive Advisercoordination and management of multi-project R&D assignments, with annual R&D, spend in excess of $15m
  • working with early-stage companies to facilitate cash flow finance and timely receipt of their R&D tax incentive claim
  • advising and negotiating companies through the successful defence of prior R&D claims under review
  • working on new government legislation, industry submissions, and thought leadership publications for the new R&D tax incentive
  • preparation of Advance/Overseas Finding Applications and other government grant applications

QUALIFICATIONS

  • Bachelor of Engineering (University of Melbourne)
  • Ph.D. (Engineering) (University of Melbourne)
  • Post Graduate Diploma in Business Administration
Publications

Federal Budget implications for the R&D Tax Incentive

20 October 2020
The Australian Federal Budget was handed down on 6 October 2020, and outlined various economic stimulus measures with the intent to support Australia’s economic recovery through the COVID-19 pandemic and beyond. Several key measures of the Federal Budget passed through both houses of Parliament on 9 October 2020 as the Treasury Laws Amendment ...

R&D Tax Incentive Reform - Call for submissions

4 July 2018
R&D tax reforms, as announced in the 2018-19 Federal Budget, are steps closer to implementation with the Treasurer and Minister for Jobs and Innovation releasing draft legislation proposed to enact the changes.  The Government is seeking feedback on the draft legislation. The consultation process is imperative to ensure effective implem...

R&D tax due diligence important for SMSF investors

3 May 2018
With the leading businesses in the world now being technology and intellectual property-based rather than physical asset-based businesses, investors are looking more proactively for early-stage companies that have similar characteristics. Investors scratching the surface of Australia’s innovation ecosystem looking for investment opportunities ...

Should your SME start making R&D tax claims? | R&D Tax Incentive

15 June 2017
In light of the disproportionate number of small and medium-sized enterprises (SMEs) lodging annual R&D Tax Incentive claims, there’s never been a better time for non-participating SMEs to consider their options, urges Dr Richard Wraith R&D Tax Principal with RSM Australia. While the majority of companies to apply annually for the R&am...

ATO alert sparks concern for software development R&D Tax Incentives (TA2017/5)

24 February 2017
The recent alert issued by the ATO (TA2017/5), has raised some fears and concerns among innovators in established technology firms  as well as the start-up community.   The concern is that AusIndustry and the ATO are out to get companies that claim the R&D Tax Incentive for software related activities or that AusIndustry ...

Budgeting for Innovation

4 November 2016
Many businesses use innovation to grow, however the challenge and failure of many companies that carry out innovation projects is to inadequately budget for the innovation.  This failure is normally not because the company does not undertake a budgeting process, it is primarily because the company does not incorporate the full cost of innov...

1.5% Cuts to the R&D Tax Incentive in the Omnibus Bill

21 September 2016
The Omnibus Bill passed by parliament has cut the rates available under the Refundable and Non-Refundable R&D Tax Offsets by 1.5% for the first $100m of eligible expenditure. The refundable R&D tax offset rate will be reduced from 45 per cent to 43.5 per cent, and non-refundable rate will be reduced from 40 per cent to 38.5 per cent...