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Industry Specific Issues
Government’s Proposed Cuts to the R&D Tax Incentive Lapses
April 21st, 2016Innovation has become progressively debated in public discourse of late, leading to a significant focus on the R&D Tax Incentive in the last 12 months. This week, however, a positive development was made that will no doubt be welcomed by the innovation ecosystem in Australia. To clarify, a proposed 1.5% cut to the R&D Tax Incentive under the Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015 will not ensue – the Bill before the senate has lapsed and […]
Australia’s R&D Tax Cash Benefit Tops OECD Comparison
April 20th, 2016Undeniably, policies aimed at growing national research and development (R&D) activity is now a central element of national tactics to increase productivity, long run economic growth and international competitiveness in most countries. According to the OECD, the largest amount of R&D tax support, in relative terms, was provided by the Netherlands with 87% as percentage of total government support; however, Australia is a close second with 85% as percentage of total government support. Moreover, Australia actually tops the globe for loss making […]
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 […]
Record-Keeping for the R&D Tax Incentive
April 15th, 2016As 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 […]
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News & Research
News & Research
News & ResearchIntroduction A recent case heard in the AAT has affirmed a previous decision by Innovation and Science Australia (AusIndustry) finding that Activities registered under the R&D Tax Incentive were not in accordance with the legislative requirements. The case: H2O Exchange Pty Ltd and Innovation and […]
The AFR has reported that the NSW Government is to form a new advisory council, chaired by David Gonski with a brief to make NSW “the R&D leader within Australia and a world-class contributor”. Forming of the NSW R&D council […]
