Shire of Noosa and Sunshine Coast Region, Queensland
Business Accountant in Peregian Beach
From company registration to the R&D rules
Business tax, structuring and cash flow for new Peregian Beach businesses, from a CPA practice.
The Peregian Digital Hub at 253-255 David Low Way is a purpose-built facility for technology companies. In the 2021 Census, Professionals made up 27.6% of Peregian Beach's employed residents and Managers 17.0%. The suburb straddles two councils, with the coastal strip in the Shire of Noosa and the western hinterland in the Sunshine Coast Region.
A township since 1960
Peregian Beach in brief.
A township began to develop in 1960, and the locality was named Peregian on 1 April 1966 and renamed Peregian Beach in 1972. Development to the west is constrained by Noosa National Park. In 2021, 533 employed residents worked at home, and Technicians and Trades Workers made up 13.3% of those employed.
A tech start-up's first years: three questions
What setting up the business costs, and when it's deductible
Why it happens
Founders pay for advice on structure, a shareholders' agreement, a business plan and the company registration before the first sale.
Why it matters
Certain start-up expenses can be deducted in full in the year they are incurred: professional advice from lawyers or accountants on a business structure, setting up legal arrangements or business systems, viability and business plans, and fees to an Australian Government agency to establish the business, such as company registration. The cost of assets used in the business doesn't qualify.
How we help
We see ourselves as part of your team, supporting you with proactive advice and clear communication every step of the way. Keep every invoice from the set-up stage, even those paid personally before the company existed.
The R&D Tax Incentive
Why it happens
A software or hardware company spends on experiments to solve a technical problem that can't be answered from existing knowledge.
Why it matters
A company with aggregated turnover under $20 million, not controlled by tax-exempt entities, can get a refundable tax offset equal to its company tax rate plus an 18.5% premium. The R&D activities must first be registered with the Department of Industry, Science and Resources; the ATO and the department run the program together.
How we help
Local expertise, tailored accounting solutions. Keep records of the hypotheses, experiments and results as the work happens, not afterwards.
Cash while the product is built
Why it happens
Costs for wages, contractors and cloud services run months ahead of revenue, and an R&D refund arrives only after the return is lodged.
Why it matters
Without a forecast, founders can run short before revenue or a refund comes in.
How we help
Lomandra Accounting offers cash flow forecasting, KPIs and virtual CFO sessions to manage pricing and growth.
Frequently asked questions
Can I claim the cost of setting up my Peregian Beach company?
Yes, if the costs are professional advice on the structure or business plan, or government fees such as company registration. They can be deducted in full in the year you incur them. Assets bought for the business don't qualify.
Who can claim the refundable R&D tax offset?
A company with aggregated turnover under $20 million that isn't controlled by tax-exempt entities, for eligible R&D activities registered with the Department of Industry, Science and Resources.
Do I need to register my R&D activities?
Yes. Registration with the Department of Industry, Science and Resources comes before the offset can be claimed in the company tax return.
Where to next
Have a question?
Before the first claim
Meeting your obligations is easier with a steady process.
Lomandra Accounting is a CPA Practice, registered with the Tax Practitioners Board and an SMSF Specialist. Emma, the Director, is a Certified Practicing Accountant (CPA) with extensive experience in commercial business management, and specialises in Self-Managed Super Funds (SMSFs).
- 07 5234 9201
- admin@lomandraa.com.au
- Sunshine Coast, QLD
- Monday to Friday, 9am to 4:30pm