May 2023 will mark the Labor government’s second budget in this term, as the budget moves back to its traditional May timing. Leading into the budget time, whether the R&D Tax Incentive is effective, or should be tinkered with (including by changing it to a grant or Government assessment/merit system, rather than broad based self assessment) is often raised by some in the media, politics or academia. An article published by the AFR in late March 2023 included comments from […]
New Accelerating Commercialisation grants have been announced in March and April 2023, which are the first awarded since the new government came into power in May 2022. Unlike the R&D Tax Incentive, which is a self-assessed, eligibility-based system enshrined in the law (where if companies can prove they meet the criteria, they can access the programme), Accelerating Commercialisation grants are merit-based and awarded largely at the discretion of the government based on guiding criteria. This means that considerable time may […]
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 […]