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The link between Business R&D, Productivity, Inflation and Interest Rates

June 8th, 2023

Australia and its global peers have experienced a rapid rise in interests rates over the past 12 months to combat high and persistent inflation. In recent months, Australia’s RBA Governor and Treasurer have begun to mention the importance of improving Australia’s productivity as a means of addressing the inflation issues. The Australian and AFR newspapers today have noted that: A 4.6 per cent plunge in ­labour productivity in the year to March came as figures released by the Australian Bureau […]

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Should policy makers be considering an increase to the $20 million turnover threshold re: eligibility for the Refundable R&D Tax offset?

May 26th, 2023

A company’s rate of R&D tax offset and whether it is refundable or not depends primarily on the R&D entity’s aggregated turnover: If an entity’s aggregated turnover is less than $20 million and it is not controlled by any exempt entities, then the company can claim the refundable tax offset. The refundable tax offset rate is equal to the company’s corporate tax rate plus an additional premium rate of 18.5%. If an entity’s aggregated turnover is $20 million or more, […]

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Deadline Approaching for lodgement of Overseas Findings for R&D Activity first conducted in FY23

May 18th, 2023

Companies seeking to claim expenditure for overseas activity incurred by an Australian company under the R&D Tax Incentive must apply separately to claim these costs by lodging an Overseas Finding Application with AusIndustry. In addition to general eligibility criteria, there are specific and extensive rules to determine whether expenditure on overseas activities is eligible under the R&D Tax Incentive. Generally, R&D activities conducted overseas can only be eligible for the R&D Tax Incentive where: The activity to be conducted overseas has a […]

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New Accelerating Commercialisation Grants Announced in March and April 2023

April 11th, 2023

New Accelerating Commercialisation grants have been announced in March and April 2023, which are the first awarded since the new government came into power in May 2022. Unlike the R&D Tax Incentive, which is a self-assessed, eligibility-based system enshrined in the law (where if companies can prove they meet the criteria, they can access the programme), Accelerating Commercialisation grants are merit-based and awarded largely at the discretion of the government based on guiding criteria. This means that considerable time may […]

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