The current Covid-19 pandemic presents business with a difficult and uncertain period.

The disruptions are multifaceted, and may impact upon:

These challenges present the need for companies to rapidly adapt their business models in order to survive.

Swanson Reed has been encouraged to hear that a number of clients whose businesses have been placed in turmoil have stated that they plan to use the R&D Tax Incentive during downtime in order to:

Swanson Reed also notes comments by Nev Power to the AFR this week in respect of his appointment to the National COVID-19 Coordination Commission aiming to devise a long-term strategy to deliver a competitive, best-in-class manufacturing sector. Nev noted that:

Swanson Reed appreciates that not all businesses may have the resources to use this time to be undertaking commercially and technically risky R&D Activity. We do however encourage all our clients to:

This crisis will inevitably mean that many Australian businesses may fail, however it presents an opportunity for those that remain, and who use any downtime wisely to accelerate out of any recovery period with a stronger market position than they previously had.