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How the R&D Tax Credit can help build Australia’s ‘Silicon Harbour’ & Startup Community

October 23rd, 2015

Soon to be nestled on the foreshore of the Sydney Harbour is a technology marketplace that rivals the likes of Silicon Valley. That is at least the NSW government’s anticipation for Australia’s first digital district, ‘Silicon Harbour’ – a purpose built hub to unite the global giants of tech world with start-up entrepreneurs, business incubators and accelerators.

Indeed, the government’s support of an innovation agenda and local start-up network is showing no signs of decelerating. However, since the technology sector is predicted to grow at seven times the rate of the rest of economy, creating more opportunities and spaces for technology is vital. Moreover, over the next 25 years, the digital economy will grow from just above 5 per cent now to 22 per cent in 2040.

sydney-363244_640Nonetheless, Australia’s somewhat lacking innovation culture, can’t be solved by a new location alone. If we want to observe a more technological economy and create cutting-edge innovations, it is imperative for leaders, companies and the government to invest in research and development (R&D). By capitalising on the incentives the government has made available, established businesses and start-ups can obtain generous tax savings, including generating cash for their past and future investments.

In fact, the R&D Tax Incentive helped 13,000 companies with $2.4 billion in tax funding for eligible R&D investments in 2014 – 2015. Furthermore, every dollar counts for individuals engaged in start-ups and the R&D Tax Incentive is a crucial implement that can be used to offset costs when creating a product or service.

Consequently, the R&D Tax Incentive can not only have a positive effect on assisting start-ups, but can also increase an established company’s competitive edge in an increasingly innovative economy. Thus, organisations that take advantage of these incentives to drive innovation can create tax savings for their own business and assist in generating growth for Australia. If you believe your company is undertaking qualifying R&D activities, contact one of our specialists today to find out if you could benefit from R&D credits.

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 Swanson Reed - Specialist R&D Tax Advisors 
 
 
 Swanson Reed - Specialist R&D Tax Advisors
  
 39 Google reviews 
 
 
 
 
 
  
 
 
 
 Daniel McGregor 
 
 
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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.
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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.
  
 
 
  
 
 
 
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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.
  
 
 
  
 
 
 
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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.
  
 
 
  
 
 
 
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2022-05-31
 
 
  
 
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2022-05-31
 
 
  
 
Always professional.