Opposition Innovation, Industry and Science Spokesman Senator Kim Carr has been quoted in the AFR today with respect to Labor’s innovation policy during the federal election campaign.
Carr Indicated that if Labor were to win the election, he would work with AusIndustry, the ATO and Treasury with respect to reviewing the processes for compliance assessments of R&D claims.
Carr indicated that striking a balance between programme integrity and ensuring that claimants aren’t treated unjustly is important to ensuring the best innovative future for Australia. While smaller tech companies and startups will especially welcome the idea of making it easier to claim R&D incentives, Carr said it was vital that the innovation policy looks beyond just this niche to include larger organisations (such as Dulux Group) as a means of generating future jobs in high-skilled industries.
Swanson Reed encourages all sides of politics to commit to preservation of a stable R&D Tax Incentive, and we seek to work alongside the programme administrators to maintain the compliance integrity of the programme.
To find out more about the R&D Tax Incentive and whether your company is eligible, click here