Record keeping is an essential part of preparing a compliant R&D claim. Both the ATO and AusIndustry rely on your documentation to understand what work was carried out and why it qualifies under the R&D legislation. You should keep detailed and contemporaneous records throughout the project. This includes descriptions of hypotheses you are testing, experiments undertaken, trial results, technical reports, design documents, and meeting notes that outline the challenges or uncertainties being addressed. Code repositories, version histories, prototype logs, and testing documentation also provide strong evidence.
Alongside technical records, you must maintain accurate financial and administrative documentation. This may include timesheets that show how staff time was allocated to R&D activities, payroll summaries, contractor invoices, asset purchase records, and any other expenses related to your R&D project. These records should be created in real time because recreating evidence later is not considered compliant. If you need assistance understanding which documents are required, our team can help you build a robust record keeping process that aligns with regulatory expectations.