Legislation and Parliamentary Matters

Australian Innovation System Senate Inquiry

July 31st, 2014

On 18 March 2014 the Senate referred the inquiry into Australia’s innovation system to the Senate Economics References Committee. The Economics Legislation Committee inquires allow interested parties to submit their views on the Australian Innovation System. Swanson Reed’s submission focused on key areas of policy and investment in order to ensure Australia remains globally significant in an increasingly competitive world. Our key points are illustrated below: With the rise of Asia, a well executed innovation strategy involving full and fair stakeholder […]

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Commission Audit targeted by agricultural R&D

May 13th, 2014

The Commission Audit report, which examined Australian Government finances, has recommended that public funding of agricultural R&D in Australia be significantly reduced. The recommendations made by the report suggested that the amount of government funding be reduced to better reflect the mix of private and public benefits. It was suggested that the current cap on dollar for dollar matching of industry contributions by the government (which is currently set at 0.5 percent of gross value of production) should be halved […]

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Budget tax cuts advocated by Aus Industry Group

May 13th, 2014

According to surveys conducted by the Australian Industry Group, 70 per cent of the 364 businesses surveyed said reducing the tax burden was one of their top three priorities for the Budget. Increasing spending on infrastructure and calling for the Government to bring the Budget into balance over the next five years were also ranked as high priorities. Among the business community there were high priorities placed on increasing the spending on training and apprentices and raising tax incentives for […]

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Large firms to be denied R&D tax incentives

March 18th, 2014

This afternoon, the Senate Economics Legislation Committee (“the Committee”) tabled their report into the Tax Laws Amendment (Research and Development) Bill 2013 (“the Bill”). As it stands, the Bill proposes that companies with an aggregated assessable income of $20 billion or more are to be denied access the R&D Tax Incentives. The Bill is expected to save approximately $1 billion annually and apply to income years commencing on or after 1 July 2013. The Committee recommended that the Bill be […]

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