Leading up to the 2022 federal election, the (then) Opposition Leader Anthony Albanese pledged in early 2022 that he would use Labor’s proposed $15 billion National Reconstruction Fund (NRF) to make medical technology, local manufacturing and other critical industry investments a top priority. After some debate in recent months, The National Reconstruction Fund (NRF) Corporation bill was passed by both houses earlier this week with support from the Greens and a number of crossbenchers, after a series of amendments were approved. The […]
Various laws determine the manner in which a company’s assets are distributed to employees and creditors in the event of an insolvency event. In a decision handed down by the New South Wales Supreme Court in 2022, the order of priority of payments in a winding up where employee debts and secured creditor claims exist was considered. The matter was Spitfire Corporation Limited (in liquidation) and Aspirio Pty Ltd (in liquidation) [2022] NSWSC 340. The court considered whether Refundable R&D […]
In the October 2020 budget, the Government introduced augmented stimulus measures to encourage investment and allow eligible businesses to claim an immediate deduction for the cost of an asset in the year the asset is first incurred. This included measures for Temporary Full Expensing of assets that an entity first acquires/installs between 7:30pm AEDT on 6 October 2020 (the 2020 Budget time) and 30 June 2022. Subject to certain conditions around how an asset was acquired, held and first used, these […]
The freshly appointed Minister for Industry and Science, Ed Husic, recently held a press conference with Chief Scientist, Dr Cathy Foley, regarding the National Science and Research Priorities and the proposed National Reconstruction Fund, which the Labor Government are seeking to pass through the parliament. During this conference Ed Husic was quoted as stating: The amount that we invest in R&D in this country relative to the OECD, we have about 1.8 per cent relative to GDP investment in R&D […]