The Company

RT Digital is a digital marketing agency based in Byron Bay, Australia, specializing in tailored digital marketing solutions for service-based businesses across Australia and New Zealand since 2009.

Challenge

During the pandemic, RT Digital underwent significant downsizing, including staff reductions. Despite the challenges, the company remained committed to delivering top-quality service and retaining clients.

“We invested all this R&D capital because we needed to turn around the business after the COVID changes, and we didn't know that we could get a government rebate for it. ”

Rich Latimer

Director at RT Digital

RT Digital invested in developing an advanced digital software integration with an in-house team to enhance efficiency and align more closely with industry expectations.

However, amidst the technical project, RT Digital faced challenges with service transformation and product launches, leading to lack of confidence, stress, and cash flow pressure.

From being a multi-million-dollar agency with over 30% profit to just over $1M in revenue and struggles to profitability, transformation was imperative.

Solution

Rich, RT Digital's founder, met Bertrand from Miracle Mint during Bertrand's office relocation. Upon hearing Rich's story and the technical project description, Bertrand informed Rich about the R&D tax incentive, of which Rich was unaware.

Rich introduced Bertrand to his trusted accountant and financial advisor to confirm the incentive's net benefit. Rich focus was on maximizing immediate cash flow and asked Miracle Mint to investigate accounts for additional opportunities.

Miracle Mint ran three tax scenarios to maximize cash flow between October 27th and 30th. On October 31st, Miracle Mint initiated the claim execution, involving technical and financial data gathering, timesheet calculations, and claim lodgment on November 13th.

Results

The money totalling $95K was received by November 22nd, providing an immediate boost in cash flow and morale. Miracle Mint continues discussions with Rich on growth strategy, including business profitability modelling, sales compensation, and next year's R&D forecast.

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