Conducting R&D activities generates new knowledge that can benefit the nation’s economy. In a recent AusIndustry information bulletin, it was mentioned that one of the main aims of the R&D Tax Incentive is to encourage Australian businesses to undertake research and development that would not be conducted otherwise. This is achieved by helping to offset some of the costs of engaging in R&D.
Useful information on the R&D Tax Incentive can be accessed from page 24 in the Innovation and Science Australia (ISA) 2018 annual report. This report includes registration statistics and the status of legal matters and litigation involving disputed R&D Tax Registrations. As at June 2018, there were 22 active matters before the Administrative Appeals Tribunal involving ISA.
New R&D resources and updates will be published by AusIndustry in early 2019. Events, information sessions and workshops will also be held to help companies better understand the incentive and how it can help them.