Home » News » Government Announces New $18 Million Grant to Boost Global Collaboration

Government Announces New $18 Million Grant to Boost Global Collaboration

August 18th, 2016

In a proposition to develop the economy away from a reliance on mining, the Australian government launched the National Innovation and Science Agenda (NISA) last December. Now, the Turnbull government has followed through on the agenda’s proposal to offer new grant initiatives aligned with the objectives of the Global Innovation Strategy.

In specific, the Minister for Industry, Innovation and Science, the Hon Greg Hunt MP, announced the launch of the $18 million Global Innovation Linkages (GIL) Programme earlier this month. The programme will provide grants of up to AU$1 million (exclusive of GST) per project and will be provided over a maximum of four years. Consequently, the programme will provide $18 million over five years to help businesses collaborate to develop high quality products, services or processes that respond to strategically important industry challenges for Australia.

To be precise, the Global Innovation Linkages programme will support a small number of projects to assist Australian businesses and researchers to collaborate with global partners on projects with a strategic focus and leading-edge research and development.  The programme has opened for applications and will remain open until 20 October 2016.

Ultimately, the programme will help existing businesses to grow and create jobs by allowing Australian businesses to better collaborate with businesses overseas. Furthermore, when considering other tax incentives available, such as the research and development (R&D) tax incentive, the enticement to innovate in Australia is escalating.  For example, the R&D tax incentive currently entails a 43.5% refundable tax offset to firms generating less than $20 million in annual revenue (such as start-ups) and a non-refundable 38.5% tax offset to other companies. Hence, by fostering innovative activities and promoting global partnerships through funding mechanisms, the Australian economic landscape will likely observe a boost in innovative, high-growth companies.

If you would like to discuss the R&D Tax Incentive further, please do not hesitate to contact one of Swanson Reed’s offices today.

 

Are You Eligible?


Click here for the R&D Eligibility Wizard

R&D Audit Checklist


Click here for the R&D Eligibility Wizard

Categories

Archives

 
  
 Swanson Reed - Specialist R&D Tax Advisors 
 
 
 Swanson Reed - Specialist R&D Tax Advisors
  
 39 Google reviews 
 
  
 
 
 
 
  
 Swanson Reed - Specialist R&D Tax Advisors 
 
 
 Swanson Reed - Specialist R&D Tax Advisors
  
 39 Google reviews 
 
 
 
 
 
  
 
 
 
 Daniel McGregor 
 
 
 Daniel McGregor 
 
2022-08-11
 
 
  
 
I have been using Swanson Reed for my clients for more than a decade.  Having a specialist firm that can provide practical and commercial advice that produces real outcomes is very important and we have received great feedback from our clients.
Highly recommended.
  
 
 
  
 
 
 
 John 
 
 
 John 
 
2022-06-15
 
 
  
 
Damian and the rest of the team at Swanson Reed have been supporting us for several years.  We always appreciate their insights, expertise, and efforts.
  
 
 
  
 
 
 
 Rueben Rajasingam 
 
 
 Rueben Rajasingam 
 
2022-06-06
 
 
  
 
Experienced responsive Team. They have been a great help to me and my company navigate the R&D tax claim process and have provided invaluable advice.
  
 
 
  
 
 
 
 Enrique Esquivel 
 
 
 Enrique Esquivel 
 
2022-06-06
 
 
  
 
Damian and the team at Swanson Reed have been extremely helpfully and professional during all of our consultations. Highly recommended.
  
 
 
  
 
 
 
 Jess at Y&C 
 
 
 Jess at Y&C 
 
2022-06-03
 
 
  
 
  
 
 
  
 
 
 
 Anatole Kononewsky 
 
 
 Anatole Kononewsky 
 
2022-06-02
 
 
  
 
The Swanson Reed team have provided our company with exceptional professional advice and assistance for all of our R&D claims for many years - have always achieved great results with excellent value for their services.
  
 
 
  
 
 
 
 Payam Toloo 
 
 
 Payam Toloo 
 
2022-06-02
 
 
  
 
Damian Smyth and his team are very helpful, supportive and experts in their field of R&D Tax claims. I'm always happy with the work they do and been a customer of their for over 5 years.
  
 
 
  
 
 
 
 Melissa Doddy 
 
 
 Melissa Doddy 
 
2022-05-31
 
 
  
 
The Team at Swanson Reed are very experienced R&D Tax Advisors and gave us ongoing support with all of our R&D Claims, the consultants ensured we were always working with current legislative guidelines, gave us assistance with compiling technical and government documentation and went out their way to ensure they were with us for the entire process from beginning to end.  Highly recommended to anyone who needs assistance with working through what can at times be a daunting process.
  
 
 
  
 
 
 
 Gary Watson 
 
 
 Gary Watson 
 
2022-05-31
 
 
  
 
We can highly recommend Swanson and Reed as an R & D accountant. We have worked with them for several years now as they make our R & D claim so easy and communicate quickly with both us and our accountant.
  
 
 
  
 
 
 
 Rob van den Bergh 
 
 
 Rob van den Bergh 
 
2022-05-31
 
 
  
 
Always professional.