Industry Specific Issues

IP Report Reveals Innovation in Australia is Increasing

April 19th, 2016

‘Innovation’, the term alone has somewhat formed a place in the Australian vernacular in recent months. The buzzword skyrocketed into popularity when Prime Minister Malcolm Turnbull issued its National Innovation and Science Agenda in December, detailing plans to increase innovation, entrepreneurship and reward risk tasking. Now, according to the latest details provided by the Australian Intellectual Property Report 2016, innovation has become more than just political jargon and is actually on the rise by Australians – both locally and abroad. To […]

Read More

Record-Keeping for the R&D Tax Incentive

April 15th, 2016

As the cut-off for lodgement of R&D tax claims draws near, companies should now be turning their focus to the preparation and registration of their R&D tax credit claim for 2015. With higher levels of review activity and scrutiny by AusIndustry and the ATO, companies need to focus on, and be able to, reinforce and substantiate their R&D claims with suitable records and contemporaneous documentation in the event of an audit. In short, companies must keep sufficient records to validate: They conducted eligible research […]

Read More

Evade the Brain Drain: Sydney Start-Up Hub Set to Grow

April 14th, 2016

They’re known as the Australian ‘Silicon Valley mafia’, a cabal of 20,000 talented software engineers who have relocated to Silicon Valley, the tech epicentre of the world, to follow their dreams of becoming successful entrepreneurs. But the exodus in recent years has raised concerns that Australia is losing its talent and has been left with skill shortages in the technology sector. ‘Brain Drain’, as it’s in labelled in public discourse, is the pervading fear in Australia that our best and […]

Read More

Australia Plans to Reform Tax Loss Rules

April 11th, 2016

Throughout 2016, the Turnbull government has been following through on plans to boost innovation in Australia, as blueprinted in last December’s innovation statement. As we mentioned in a previous post, last month the government introduced new tax laws for start-ups and investors. Now, to further encourage innovation and growth among businesses, Australia plans to reform its loss tax rules. The Australian Treasury released a draft legislation seeking to amend the existing “same business test (SBT)” clause and to make it […]

Read More

Email this job