Over the last twelve months there has been substantial activity in respect to the research and development (R&D) tax incentive with various announcements broadcasted by AusIndustry and the Australian Tax Office (ATO), as well as the release of the National Innovation and Science Agenda (NISA). As a result, the discourse of business and government in Australia is rife with mentions to innovation, disruption and dexterity. Hence, the policy settings of government and our macroeconomic environment has seen a shift in […]
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 […]
With the 30 April deadline to register fast approaching, firms need to review their eligibility and start working on their application as soon as possible, or risk missing out. In light of this, we’ve provided a snapshot of the program and the eligibility requirements. The research and development (R&D) tax incentive came into effect on 1st July 2011 and encourages companies to engage in R&D by providing a tax offset for eligible R&D activities. The program is administered jointly by […]
Indeed, the notion that Research and Development (R&D) makes an immense impact to innovation and competitiveness is prevalent among economists and politicians. Without a doubt, governments play a crucial role in promoting higher education and basic research. However, fiscal policies and funding incentives are also vital to nurture private R&D investment too. In fact, a recent study by International Monetary Fund (IMF) reveals that Australia’s economy could increase by an extra $80 billion if the government spent an extra $1 […]