With changes to the R&D tax incentive to be announced in next week’s budget, entrepreneurs are hoping that the proposed $2 million cap on annual R&D spend will not go ahead. Treasurer Scott Morrison said the incentive was “Not about writing blank cheques to everyone that has a good idea,” but Aussie startups, who are heavily dependent on the tax credit, believe that the move could curb innovation and have negative long-term effects. Many believe that the proposed changes will penalise […]
National Broadband Network (NBN) has secured multiple significant research and development (R&D) deals with the University of Melbourne (UoM) and the University of Technology Sydney (UTS). The R&D partnerships have a cumulative value of $3 million. NBN’s R&D plans are to develop new technologies that will help enable more effective services for Australian’s on its Network and this new collaboration will greatly support this goal. The collaborations with the selected Universities will enhance the ability to bring new technologies into […]
In early April, Treasurer Scott Morrison confirmed an overhaul of the R&D Tax Incentive in the May federal budget. He stated that the government was closely examining recommendations from the Australia 2030: Prosperity Through Innovation plan, released by Innovation and Science Australia (ISA) in January. In an interview with the Australian Financial Review, Bill Ferris, Chair of Innovation and Science Australia, stated that he sees R&D tax refunds for smaller companies as more beneficial than those for larger companies. The […]
Innovation requires teamwork and multiple perspectives. Individuals cannot solve every challenge alone. Therefore, innovation is more probable if the entire company is encouraged to generate ideas. Generally, a greater variety of ideas will result from teams with a greater variety of backgrounds and skills. Chair of Innovation and Science Australia, Bill Ferris, believes that diversity on company Boards is essential to increasing innovation. He suggests that Directors be appointed who are technical experts, younger or from diverse backgrounds. For many […]