Swanson Reed welcomes ‘The Coalition’s Policy to Boost the Competitiveness of Australian Manufacturing’ with its support for a “new approach” to manufacturing and policy improvements to the R&D Tax Incentive.
Tony Abbot and the Coalition has placed a completely different emphasis on the importance of increased commercial R&D in Australia than that of the Labor Government.
In 2014, the Coalition plans to make changes to the R&D Tax Incentive program, including:
The Coalitions taxation White Paper also aims to give broader consideration to the effectiveness of existing taxation incentives for innovation and industry funded research.
It will develop recommendations for potentially improving the incentive regime for innovation investment.
While the R&D Tax Incentive remains a top priority for the life sciences industry, there is further calling for a tax reform to provide incentives for manufacturing and to encourage long-term investment in home-grown technologies.
To read the policy in full, please click here.