Government Policy and Treasury

CSL and Cochlear Call for Stability to R&D Tax Policy as Parliament Consider Proposed Reforms

February 24th, 2020

Over the past week, The Australian has featured articles quoting Australia’s two leading medical technology companies, CSL and Cochlear, calling on the Australian government to deliver consistent R&D Tax incentives after four years of policy review and uncertainty. The article comes at a time when Parliament and the Senate are again considering an R&D Tax Reform bill, which was not enacted as law during a previous attempt following concerns raised by the Senate Economics Committee, largely due to complexity of […]

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Federal Government Flags Potential Further R&D Tax Changes to Help Fintech Industry

February 10th, 2020

The Australian newspaper has highlighted a speech to the Australian Computer Society on Friday made by Liberal Senator Andrew Bragg, who is chairing a committee examining Australia’s fintech sector.   The article noted that: The government is mulling a number of policy shifts to make life easier for start-ups; Senator Bragg is quoted as saying: “FinTech Australia tells us the R&D tax incentive is the number one regulatory issue for fintechs. They tell us the importance of the R&D tax incentive […]

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Fintech Australia Uses Fintech And Regtech Senate Inquiry To Highlight Importance Of The R&D Tax Incentive

January 14th, 2020

In December 2019, Fintech Australia released its response to the Financial Technology and Regulatory Technology Senate inquiry.  Their committee voiced concerns regarding the Government’s plan to cut $1.35B from the R&D Tax Incentive and stated that the current definition of “experiments” was impeding innovation by preventing software companies from claiming the tax offset. The submission pointed out that the R&D Tax Incentive is the primary channel used to promote local innovation, with 64% of fintechs having applied for the scheme. […]

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Reintroduction of legislation to reform R&D Tax Incentive

December 5th, 2019

The federal government has today reintroduced legislation to reform the R&D Tax Incentive (Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019) which is detailed here. The previous bill attempting to reform the R&D Tax Incentive did not pass through the Senate, and a Senate Economics Legislation Committee recommended that the bill should be deferred from consideration until further analysis of the bill’s impact is undertaken, particularly with respect to concerns around the proposed intensity threshold and refundable offset […]

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