Driving Innovation & Results with Prmpt R&D Tax Advisory
When it comes to innovation, great ideas deserve great support - and that’s exactly where Prmpt R&D Tax Advisory & Consulting comes in. Based out of our Bundall Offices, working with companies across Australia, Prmpt specialises in helping businesses unlock the full value of the government’s R&D Tax Incentive and other funding opportunities.
We sat down with Joshua Lumley, Managing Director and Founder, to learn more about what drives Prmpt, how they support innovators across Australia, and why getting your R&D strategy right can be a game-changer for your business.
L to R: Grace (Head of Client Relations), Joshua (Managing Director), Lucas (R&D Consultant) and Alfred - Office dog & Chief Happiness Officer.
For those who may not know, what is Prmpt?
Prmpt is a Research & Development (R&D) Tax Advisory & Consulting firm based on the Gold Coast that operates across the whole of Australia.
Can you give a summary of R&D, what Prmpt does and how you support businesses?
Almost all democratic countries in the world have some form of a Research & Development (R&D) incentive program to encourage businesses to innovate and develop new products and innovations (even software) to boost a country’s economy or GDP (gross domestic product). In Australia, our R&D program is administered through the tax system via a company’s annual tax return each financial year. Depending on the company’s financial position, the R&D Tax Incentive could be up to 43.5% on all eligible expenses as a cash refund.
For example, a company that has spent $1 million on eligible R&D expenses could receive up to $435,000 in cash back for investing in new knowledge and innovation.
We help businesses across Australia manage their R&D Tax Incentive claims and access government grants via end-to-end support, from eligibility assessments to applications and audit-ready documentation, ensuring full compliance with AusIndustry and ATO requirements. We work with Australian companies, start-ups, and innovators to unlock vital, non-dilutive funding opportunities to transform their visionary ideas into commercial success.
How did Prmpt get started, and what inspired its creation?
In 2020, I founded Prmpt with a bold vision: to transform how Australian businesses approach the R&D Tax Incentive. As a seasoned R&D Manager and CFO with over 12 years of hands-on experience, I witnessed the struggles many founders, directors, R&D managers, accountants, CFOs, and CEOs faced when navigating R&D compliance, documentation, and expenditure apportionment. I knew there had to be a better way.
What sets Prmpt apart from traditional R&D consultants?
We are compliant and results focused. Everything we do revolves around ensuring the client is eligible for the incentive, and maximising their opportunity whilst ensuring the highest level of compliance.
Like our name states, we’re “prmpt” in delivering results for our clients. We know cash flow is key to any business succeeding, so the faster we get results, the better off our clients will be.
We explore opportunities beyond just R&D incentives to ensure businesses are applying for any other relevant grants or incentives to fuel their innovations for success.
What exciting projects or goals are you working on right now?
Given the sensitive nature of what we do, we unfortunately cannot share the intricate details of our client’s work. However, we’re currently working on a huge (insert Donald Trump hands) project for one of our clients in the indoor vertical farming industry that (if successful) would see them scale and grow at a rapid pace. We’ve also just wrapped up our busiest period of the year with the April 30th deadline, which saw us lodge over $5 million in total expenditure of aggregate R&D claims in April alone. Safe to say, we’ve been busy!
What types of businesses typically benefit from your services?
Manufacturers
software companies
Agriculture & agritech
Biotechnology & life sciences
Large-scale technologies
and any Australian company developing something new and innovative
Are there any industries that often overlook their eligibility for R&D claims?
Great question. It’s often the reserved and humble businesses that have never considered government support for their innovation or product development. It’s like a light bulb moment when they come to us and realise what they could have been claiming. Although, they must get their documentation right, and that’s where we help. As we say to these clients, if you aren’t claiming the R&D Tax Incentive, then your competitor likely is.
What advice would you give a Founder or CFO considering their first R&D claim?
Explore the uniqueness of your product and innovation, and chat with your technical team on how your product differentiates from anything else in the world.
Perform an approximate calculation of what these R&D expenses would total for the previous financial year and what these R&D expenses would total for the previous financial year and what you estimate to spend in the current financial year.
Complete our R&D Eligibility Test & R&D Calculator on our website to see if you are eligible and how much you could receive back.
Schedule a free R&D Discovery Call with one of our R&D consultants, and we’ll explore the potential of your R&D Tax Incentive and net benefit.
What is the most rewarding part of your journey so far?
Learning about our client’s innovations and hearing their passion for wanting to disrupt their industry and bring their product to market. The phone calls we make when the clients receive their R&D refund are also very rewarding. Seeing them re-invest those funds into more innovation, purchasing vital equipment, or that next staff hire is very fulfilling.
What made you choose Riva Offices?
Apart from its location on the Gold Coast and the quality of the fit-out, it was the relaxed and professional atmosphere created by the Riva team and the other businesses in the building. Oli and Kayna were very welcoming, nothing is ever too much to ask, and of course, the ability to have our office dog, Alfred was a big plus.
What’s your go-to coffee order at our onsite cafe?
Very simple for me, a strong long black.
If you are exploring R&D opportunities for your business, get in touch with the Prmpt team via their website!