Before the election, the new Industry Minister made some encouraging comments about the R&D Tax Incentive, including:
- Acknowledging the importance of the R&D Tax Incentive to tech sector funding by calling for potential early payments;
- Pushing back on the previous Government’s controversial proposed cuts to the R&D Tax Incentive, which were later replaced with subsequent more favorable changes supported by both parties;
- Indicating he would look at making the R&D Tax Incentive program more friendly to software-based start-ups;
Since their election victory, little has been said about the R&D Tax Incentive by the new Government. We’re hoping that no news is good news (and no potential adverse changes), since, after a tumultuous decade, those involved with the programme are ‘change fatigued’.
It is hoped that Ed’s liaison with industry leaders will continue to affirm to the Government how important the R&D Tax Incentive is to industry, and that ensuring its strength and stability must be a priority.