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Industry Specific Issues

Research & Development Tax Incentive: The Year in Review

April 7th, 2016

Over the last twelve months there has been substantial activity in respect to the research and development (R&D) tax incentive with various announcements broadcasted by AusIndustry and the Australian Tax Office (ATO), as well as the release of the National Innovation and Science Agenda (NISA). As a result, the discourse of business and government in Australia is rife with mentions to innovation, disruption and dexterity. Hence, the policy settings of government and our macroeconomic environment has seen a shift in […]

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What Does an R&D Tax Incentive Audit Involve?

April 6th, 2016

Undeniably, the research and development (R&D) tax incentive can result in very significant cash refunds for a business which can drive its future revenue growth. However, as the R&D Tax Incentive is a self-assessed claim, AusIndustry issues ‘Request for Further Information’ (RFIs) to ensure that all companies claiming the incentive remain accountable for their claims. Therefore, because of this “self-assessment” process, it is important that you understand the compliance requirements. Moreover, the ATO has recently stated that they are working […]

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New Tax Incentives for Start-Ups & Investors

March 30th, 2016

In a proposition to develop the economy away from a reliance on mining, the Australian government launched the National Innovation and Science Agenda (NISA) last December. Now, the Turnbull government has followed through on the agenda’s proposal to offer tax incentives to entrepreneurs and start-ups. The Bill, coined the Tax Laws Amendment (Tax Incentives for Innovation) Bill, was announced in March 2016 and aims to amend the tax laws to provide generous tax incentives for innovative start-ups and investors. In specific, […]

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Can the R&D Tax Incentive Offset Deindustrialisation?

March 29th, 2016

In the contemporary period, the idea of a ‘national economy’ in Australia is continually reinforced by national discourses of competitiveness and innovation. Our past, as described by Turnbull in his idea’s boom speech, has relied too much on the mining boom and has subsequently condensed other industries. However, unless there is a leap in investment and a long-term effort to innovate in “what we are good at producing”, a downward trend in the wealth of the original country is to […]

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