Marque Magnetics
Unlocking the R&D Tax Incentive: Supporting Continuous Innovation at Marque Magnetics
Client
Services
Sector
Year
Marque Magnetics
R&D Tax Incentive (RDTI)
Manufacturing
2026
Overview
Marque Magnetics is a New Zealand-based manufacturer specialising in custom-designed magnetic components for high-reliability industrial applications. Working across agritech, medical, communications, and other high-reliability industrial sectors, the team partners closely with customers to solve complex engineering challenges where off-the-shelf solutions fall short.
Innovation sits at the core of Marque Magnetics’ offering. Each product is uniquely designed to meet specific customer requirements, often involving experimentation, prototyping, and iterative development to achieve performance under demanding conditions.
Despite this, the business had never pursued the Research & Development Tax Incentive (RDTI). The programme was seen as complex, and much of their work, particularly development carried out for customers, was not clearly understood to be eligible.
After engaging with Swell, this changed. By identifying eligible R&D activity across the business, including some for-customer development activities that, after project-by-project review, were found to meet the relevant criteria, and supporting the claim process end-to-end, Swell helped turn what was once considered “too hard” into a clear and valuable opportunity.
Through their first RDTI claim, Marque Magnetics secured a significant six-figure return. This funding can now be reinvested back into the business to support ongoing growth and innovation.
About
Challenges
Complexity of the RDTI
Despite significant ongoing innovation, Marque Magnetics had never pursued the RDTI. The programme was seen as complex and time-consuming, making it difficult to prioritise alongside day-to-day operations.
Uncertainty around eligibility of for-customer R&D
A large portion of development work is carried out in collaboration with customers. It was unclear how this type of work aligned with RDTI criteria, creating uncertainty around whether elements of it would be eligible.
Difficulty identifying eligible R&D within complex engineering work
With highly customised projects and R&D embedded across much of the business, it was not clear how to define and capture eligible activities in a structured way.
Why Swell
Marque Magnetics engaged Swell to understand whether their R&D activity qualified for the RDTI, and how to pursue a claim without adding complexity to the business.
Early conversations identified that a significant portion of their engineering and product development work aligned with RDTI criteria, including for-customer development that had previously been considered out of scope.
This area in particular had created uncertainty. For-customer work is a common point of confusion within the RDTI, where the question arises: whose R&D is it to claim?
Depending on the project, it may sit with the business, the customer, or be shared across both.
Swell worked closely with the team to unpack this. By reviewing individual projects, Swell helped identify which activities, and which portions of those activities, were likely to qualify under the RDTI. This clarified a significant area of previously unrecognised eligibility.
Swell supported Marque Magnetics through the preparation and submission of the claim, guiding the process step by step to ensure it remained structured and manageable.
The result was a streamlined, low-burden process that made the RDTI more accessible than initially expected.
Impact & Value
Significant funding unlocked for innovation
Through their first RDTI claim, Marque Magnetics secured a significant six-figure return. This funding can now be reinvested back into the business, supporting continued investment in advanced engineering, new technologies, and high-performance product development.
A process made simple
What was initially seen as too complex to pursue proved far more accessible in practice. With Swell guiding the process step by step, the Marque Magnetics team was able to move through the claim in a structured and streamlined way. This approach reduced the burden on the business, turning the RDTI from a perceived challenge into a practical and achievable opportunity.
Building a stronger foundation for future claims
The process also gave Marque Magnetics a clearer understanding of how R&D is defined and captured within the business, including how to approach for-customer development work. With this clarity, the business is now better positioned to identify and capture eligible R&D activity for future claims.
Conclusion
Marque Magnetics’ experience with the RDTI reflects a common story among innovative manufacturers. Significant R&D was already embedded across the business, but uncertainty around eligibility and perceived complexity meant the opportunity had remained unexplored.
By working through the process with Swell, the team gained clarity on which activities were likely to qualify, including for-customer development work, and approached the claim in a structured and manageable way.
What was once considered too complex is now a more accessible process. With a clearer understanding in place, the business is better positioned to identify eligible R&D activity and reinvest any future funding into supporting ongoing growth.
On Swell's Expertise
“We had always assumed that much of our development work, particularly for customers, wouldn’t be eligible for the RDTI, so we hadn’t pursued it. Swell helped us clearly understand which activities were likely to qualify, and guided us through the process in a way that made it feel straightforward and easy to manage.” — Paul Cook, Managing Director, Marque Magnetics
On The benefits