Australian Innovation System Senate Inquiry

July 31st, 2014

On 18 March 2014 the Senate referred the inquiry into Australia’s innovation system to the Senate Economics References Committee. The Economics Legislation Committee inquires allow interested parties to submit their views on the Australian Innovation System.

Swanson Reed’s submission focused on key areas of policy and investment in order to ensure¬†Australia remains globally significant in an increasingly competitive world.

Our key points are illustrated below:

  • With the rise of Asia, a well executed innovation strategy involving full and fair stakeholder consultation will be Australia‚Äôs best chance at driving jobs, maintaining global competitiveness and growing the economy.
  • Australia needs to become a world leader in innovation if we are to maintain our standard of living.
  • IP intensive industries and globally connected technology hubs are key to driving economic growth.
  • A stable and certain R&D Tax and Grant system will be crucial in providing companies with the confidence to invest in innovative activities.

In conclusion of the submission:

1. Australia needs to develop a well executed innovation strategy that involves full and fair stakeholder consultation.
2. To maintain our high standard of living, Australia needs to become a world class innovator.
3. IP intensive industries and globally connected technology hubs are key to economic growth.
4. Australia needs a stable and certain R&D Tax Incentive program as well as a merit based grant funding system for provision of seed capital.

A report of the inquiry findings is expected by the first sitting day of July 2015.

AAT - Swanson Reed - Specialist R&D Tax Advisors

Australian innovation system

 

 

 

 

 

 

 

Click here to view the full Swanson Reed submission.

 

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Swanson Reed - Specialist R&D Tax Advisors
Swanson Reed - Specialist R&D Tax Advisors
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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.