Australia is one of the world leaders in innovation and R&D, but our current tax system fails to reflect the challenges of a competitive global economy, especially as it relates to domestic biotechnology and manufacturing. Recently, the Abbott Government pledged to explore ‘patent box’ in Australia. The patent box Australia concept has already been adopted by many European countries and is currently before Congress in the U.S. These schemes provide reduced tax rates on income attributable to patented IP. The Patent Box will […]
Swanson Reed welcomes ‘The Coalition’s Policy to Boost the Competitiveness of Australian Manufacturing’ with its support for a “new approach” to manufacturing and policy improvements to the R&D Tax Incentive. Tony Abbot and the Coalition has placed a completely different emphasis on the importance of increased commercial R&D in Australia than that of the Labor Government. In 2014, the Coalition plans to make changes to the R&D Tax Incentive program, including: A review of businesses over $20 Billion turnover program […]
Click here for the Swanson Reed R&D Tax Incentive Quarterly Credits Submission.