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Government Policy and Treasury

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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Worldwide Innovation Leaders Come Together Over AI

November 14th, 2016

            Tech leaders Google, Facebook, Microsoft, Amazon and IBM have joined forces to form the Partnership on Artificial Intelligence to Benefit People and Society (Partnership on AI) announced in September. Just as the name suggests the organization will carry out research and development on artificial intelligence with the fundamental purpose of identifying potential AI challenges for people and society. The partnership hopes that their discoveries will effectively self-regulate the industry independent of government intervention. Why […]

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R&D Tax Incentive Review

October 10th, 2016

As part of the National Innovation and Science Agenda launched in December 2015, the government instigated a review of the R&D Tax Incentive programme, chaired by Mr Bill Ferris AC (Innovation Australia), DR Alan Finkel AO (Chief Scientist) and Mr John Fraser (Secretary to the Treasury). The review sought to identify opportunities to improve the effectiveness and integrity of the programme and sought submissions from a variety of stakeholders (download the Swanson Reed submission here). The results of the review […]

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