Undeniably, the research and development (R&D) tax incentive can result in very significant cash refunds for a business which can drive its future revenue growth. However, as the R&D Tax Incentive is a self-assessed claim, AusIndustry issues ‘Request for Further Information’ (RFIs) to ensure that all companies claiming the incentive remain accountable for their claims. Therefore, because of this “self-assessment” process, it is important that you understand the compliance requirements. Moreover, the ATO has recently stated that they are working […]
In a proposition to develop the economy away from a reliance on mining, the Australian government launched the National Innovation and Science Agenda (NISA) last December. Now, the Turnbull government has followed through on the agenda’s proposal to offer tax incentives to entrepreneurs and start-ups. The Bill, coined the Tax Laws Amendment (Tax Incentives for Innovation) Bill, was announced in March 2016 and aims to amend the tax laws to provide generous tax incentives for innovative start-ups and investors. In specific, […]
In the contemporary period, the idea of a ‘national economy’ in Australia is continually reinforced by national discourses of competitiveness and innovation. Our past, as described by Turnbull in his idea’s boom speech, has relied too much on the mining boom and has subsequently condensed other industries. However, unless there is a leap in investment and a long-term effort to innovate in “what we are good at producing”, a downward trend in the wealth of the original country is to […]
‘Innovation’, the term alone has somewhat formed a place in the Australian vernacular in recent months. The buzzword skyrocketed into popularity when Prime Minister Malcolm Turnbull issued its National Innovation and Science Agenda in December, detailing plans to increase innovation, entrepreneurship and reward risk tasking. Thus, with Australia embarking on an ‘ideas boom’ in 2016, the role of research and development (R&D) may become pivotal to businesses in the private sector. With this in mind, when it comes to government incentives […]