Government Policy and Treasury

Innovation Is Still On The Government’s Agenda

February 27th, 2018

The Turnbull government’s “ideas boom” was not a hit with voters, with disruption being seen as either unrelatable or frightening by many. However, in a February 2018 interview with the Australian Financial Review, Michaelia Cash, Minister for Innovation and Jobs, advised that innovation was still an important part of the government’s agenda. Cash has been reassuring Australians that innovation and new technology have indeed been shown to create jobs, rather than reduce them. Senator Cash said that the majority of […]

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Cost Of The R&D Incentive Decreasing in 2017-18

December 18th, 2017

The Mid-Year Economic and Fiscal Outlook Report for 2017-18 has been released, outlining and explaining major changes in payment estimates relating to policy decisions and other factors. Since the last Budget, total cash payments have decreased by $3.4 billion and $8.8 billion over the four years to 2020-21 for parameter and other variations. Included in this category is the cost of the R&D Tax Incentive program, which is coming in less than expected for the 2017-18 year. Cash payments are […]

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2017 Federal Budget for Small Business

May 12th, 2017

Small business has done well in this year’s federal budget. To encourage faster growth, an extension of the $20,000 instant asset tax write-off has been granted and a further $300 million will be provided to State Governments to reduce small business compliance costs. Companies will benefit from a $100 million advanced manufacturing fund to drive business growth to compete internationally. About half of this funding will be set aside for an Advanced Manufacturing Growth Fund to help the industry adjust […]

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The R&D Tax Incentive Makes It Through Federal Budget Cuts Unharmed

May 10th, 2017

As a relief to many, no adverse changes were proposed to the R&D Tax Incentive within the Federal Budget delivered by the government on May 9. The R&D Tax Incentive has played an important role in attracting investment to Australia, particularly in knowledge intensive industries. It has also provided small business valuable working capital in the early stages of their life cycle. The government is still yet to respond to the Ferris, Finkel & Fraser review which recommended potential adverse […]

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