An article was circulated over the past week authored by Sandy Plunkett on InnovationAus and quoting some credentialed individuals, calling for an overhaul of the R&D Tax Incentive and Australia’s innovation system more broadly. The article included points around: Australian business is falling behind international peers in R&D performance; The R&D tax incentive is counter-intuitive to innovation, because it fails to focus work into Australia’s areas of comparative strength and provides support only after the work is completed; The R&D […]
In late January, InnovationAus ran a story providing commentary on a survey conducted by Australian Industry Group (Ai Group), showing only 19 percent of firms intend to raise their level of R&D investment, with 69 per cent expected to maintain spending at 2023 levels. While firms report a positive investment outlook, including for R&D, the net balance score for the indicator has fallen from +26 to +6 — the lowest investment expectation since 2013. This is broadly in line with […]
The Australian Taxation Office (ATO) has in recent months published information around publication of Research and Development (R&D) expenditure claimant information. An additional update was provided by the ATO in late January 2024 which notes: The annual Research and Development tax transparency reporting will publish information about R&D claims; Each year, the ATO will publish: the required information on data.gov.au; the ATO’s contextual analysis – the R&D tax transparency report – on the ATO website. The information the ATO will publish […]
Ausindustry have published a new video this month which has been promoted on the ATO and AusIndustry websites. The video provides information on how to register R&D activities, and includes a step-by-step through the registration process. It’s designed to make using the portal easier, faster and more efficient. The video uses software-specific examples. AusIndustry has recommend viewing this video well before registration deadlines (which is approaching for FY23 June Year End companies), especially if registering for the first time. Australian […]