“Innovation” – the term has essentially become shorthand for all that encompasses future business in Australia since Turnbull’s rise to Prime Minister in September. From doubling investments in research and development (R&D) for clean energy to making coding compulsory in schools, Turnbull has vowed to put innovation at the heart of his Government’s agenda. Consequently, the innovation statement was unveiled in December 2015 and provided a blueprint for a $1.1 billion plan to foster greater innovation with 24 new measures across 11 different Government […]
A little-known fact is that Australians make up less than 0.3% of the world’s population but we account for over 3% of the world’s scientific research output. Certainly, as described in our previous post, Australia has contributed to several ‘world first’ innovations and has a dynamic invention ecosystem. In fact, Australia performs strongly on international measures of research excellence, an important driver of innovation. To elaborate, a recent Scientific American article ranked Australia 12th out of the world’s best 40 countries for […]
Indeed, we are now entering a new era in which technology, research, and ideas will become our most valuable cargo. Successfully leveraging these changes will ultimately require a social focus on innovation, collaboration, and digital disruption. In regards to this, as Australia quickly approaches an election on July 2, major parties have been announcing excerpts of their policies as the month progresses. However, despite both major parties agreeing on the need for Australia to transition to an innovation-focused economy, are either parties making […]
The following R&D tax claim information will apply to companies that: have recently submitted a 2015 R&D claim; and intend to submit a 2016 R&D Claim. Upcoming AusIndustry Compliance Activity Over the next few months, AusIndustry will likely start compliance activity for FY15 applications that were lodged around the April 30 deadline. If reviewed, companies claiming the R&D Tax Incentive must substantiate to AusIndustry that: the registered activities occurred; and the claimed activities were in accordance with the R&D Tax legislation. […]