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Senate Committee Review Into Proposed R&D Reforms Due Soon, As Opposition Calls For Bolstering Of R&D Tax Incentive

June 26th, 2020

InnovationAus has reported this week that the Senate Economics Legislation Committee review into proposed R&D tax incentive reform is reportedly set to re-open, and a meeting could occur in early July. In December 2019, the government re-introduced a bill to reform the R&D Tax Incentive. This bill was a slightly modified version of a previous reform bill (Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018), which did not pass […]

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Breville Group Reports Increased R&D Investment Delivering Results

May 18th, 2020

Breville Group, has been one of the outstanding performers on the ASX over the past year, with the value of its shares having approximately doubled in the past 12 months; Breville Group has a design and R&D headquarters in Sydney, with manufacturing, distribution and sales facilities around the world. In a cautiously optimistic trading update announced during this week, Breville Group has reported that: Total annual R&D Investment has increased 97% between FY15 and FY19; R&D Team headcount has increased […]

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Opposition Critical of Government Innovation Policy as Australia Emerges from COVID-19

May 11th, 2020

An article in The Australian by long time Labor Industry Spokesman Kim Carr this week has been critical of the Australian Government’s R&D Tax Policy, and has linked this to decline in Australian manufacturing and supply chain weakness. Highlights form Carr’s article include the following: The government reintroduced the R&D Tax reform bill in December 2019, despite: A senate economics inquiry concluding that a previous iteration of the bill should be withdrawn due to concerns over complexity, particularly the controversial […]

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Startups Using Accrued R&D Tax Offsets to Access Finance Ahead of Lodgement

May 5th, 2020

An Article in the Sydney Morning Herald during the week has highlighted the increasing trend of companies seeking finance based on anticipated R&D Tax Entitlements. This allows companies to access funding now, based on a portion of what their anticipated R&D Refund is expected to be, once claims can be lodged after 30 June. Providers of such finance usually require: interim financial statements and R&D Calculations to be reviewed in detail; an assessment of the companies R&D Activities to be undertaken […]

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