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Diversifying Board Members Could Be Key To Innovation

April 16th, 2018

Innovation requires teamwork and multiple perspectives. Individuals cannot solve every challenge alone. Therefore, innovation is more probable if the entire company is encouraged to generate ideas. Generally, a greater variety of ideas will result from teams with a greater variety of backgrounds and skills. Chair of Innovation and Science Australia, Bill Ferris, believes that diversity on company Boards is essential to increasing innovation. He suggests that Directors be appointed who are technical experts, younger or from diverse backgrounds. For many […]

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Possible changes to $3 billion R&D tax incentive budget

April 5th, 2018

The Australian Financial Review have today released an article in relation to the $3 billion R&D tax incentive budget. During comments at the AFR wealth summit, Treasurer Scott Morrison indicated changes to the R&D tax incentive may be forthcoming in the upcoming May budget. The Government may choose to adopt the recommendations from the ISA report, one of which recommends bigger businesses being required to meet a 1 per cent intensity threshold before being eligible to claim non-refundable offsets. Mr […]

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QLD Company fined over $4 million due to incorrect R&D tax claims

March 26th, 2018

Advisors and Business owners are being warned! A Queensland business has been fined over $4 million for encouraging clients to lodge overstated or ineligible R&D tax incentive claims. On Tuesday 20 March the Australian Taxation Office confirmed the fine had been secured in the Federal Court against a company and its director for breaching promoter penalty laws relating to financial services. The company has allegedly been involved in 10 schemes leading to eight business clients receiving more than $3 million […]

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Research & Development Tax Incentive boost from government to fast-track plant R&D

March 9th, 2018

Australia’s only ASX listed plant breeding company, Abundant Produce Limited, has received a $630,000 Research & Development Tax Incentive. This incentive is an increase from previous estimates of $250,000. In addition to the received grant, the NSW Government’s TechVouchers program will also fund a $20,000 project in collaboration with the University of NSW for the Taste of Research Programme and R&D for ABT’s Lycopene ActiveLyco Products. The ABT will also release a third source of funds of $50,000 thanks to […]

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