In response to the recent scandals in the tax profession, the Government has proposed to increase maximum fines on firms engaged in tax exploitation scheme by around 100 times. The move would see firms face fines of up to $780m for exploiting tax loopholes, and other changes made to regulators’ powers. The promoter penalty laws are concerned with arrangements that avoid or evade tax, and where the benefit claimed isn’t available under the tax laws. They are collectively referred to […]
On Wednesday 3 May, the federal government released Australia’s first National Quantum Strategy. Australian investment in quantum technologies is urgently needed, says Industry Minister Ed Husic, Australia led the world in offering postgraduate quantum physics qualifications 30 years ago, and today has more than 20 world-leading quantum companies operating in the country, but Minister for Industry and Science Ed Husic warned that Australia can’t afford to be “left behind in a post-quantum world” amid unprecedented global geostrategic competition. The National […]
May 2023 will mark the Labor government’s second budget in this term, as the budget moves back to its traditional May timing. Leading into the budget time, whether the R&D Tax Incentive is effective, or should be tinkered with (including by changing it to a grant or Government assessment/merit system, rather than broad based self assessment) is often raised by some in the media, politics or academia. An article published by the AFR in late March 2023 included comments from […]
The freshly appointed Minister for Industry and Science, Ed Husic, recently held a press conference with Chief Scientist, Dr Cathy Foley, regarding the National Science and Research Priorities and the proposed National Reconstruction Fund, which the Labor Government are seeking to pass through the parliament. During this conference Ed Husic was quoted as stating: The amount that we invest in R&D in this country relative to the OECD, we have about 1.8 per cent relative to GDP investment in R&D […]