As part of the National Innovation and Science Agenda launched in December 2015, the government instigated a review of the R&D Tax Incentive programme, chaired by Mr Bill Ferris AC (Innovation Australia), DR Alan Finkel AO (Chief Scientist) and Mr John Fraser (Secretary to the Treasury).
The review sought to identify opportunities to improve the effectiveness and integrity of the programme and sought submissions from a variety of stakeholders (download the Swanson Reed submission here).
The results of the review have now been published and include a range of key recommendations. These recommendations are not yet law or changes to the R&D Tax Incentive, however the government will consider these recommendations and whether to proceed with their adoption.
Key recommendations:
The review panel made a series of recommendations for potential changes to the programme and the consultation process for submissions on these recommendations closed in October 2016.
The recommendations are not yet law or changes to the R&D Tax Incentive. The government are now considering the recommendations in conjunction with the submissions.
The government’s response to the review is schedule to be released in 2017.
Download the Swanson Reed submission here.